Fair Housing Act

Question 1

Who does the fair housing act apply to

Answer 1

Any person or entity that engages in real estate related transactions

Question 2

Are all financial institutions covered by the advertising requirements of the Fair Housing Act. Yes or No

Answer 2

Yes

Question 3

Institutions may not discriminate in any phase of housing lending because of their

Answer 3

Race
Religion
Color
National origin
Sex
Familial status(children under 18 living at home)

Question 4

The fair housing logo must appear in all written advertisements for what type of lending

Answer 4

Real estate lending

Question 5

All oral advertisements must contain what statement

Answer 5

Equal housing lende

Question 6

The fair housing poster must be displayed in the institutions lobby where what and what are made

Answer 6

Deposits and loans

Question 7

For appraisals, racial bias may be reflected by

Answer 7

Unsupported adjustments for functional obsolescence

Question 8

All saving association must have underwriting standards that are

Answer 8

Clearly written

Non discriminatory

Available upon request

Are reviewed annually to ensure equal opportunity in lending

Question 9

Racial steering is the act of

Answer 9

Guiding loan applicants toward or away certain types of loans or geographic areas because of race

Question 10

FHA requires National banks subject to HMDA

Answer 10

Update the HMDA LAR within 30 business days after the end of each calendar quarter

For denied loans the bank must notate the reason for denial

Question 11

Under FHA, a bank not subject to HMDA that received at least 50 or more home loan applications during the previous calendar year may do one of the following

Answer 11

Maintain records like banks subject to HMDA

Or

For purchase, construction to permanent, and refinance, log number of applications received, number of loans closes, number of loans denied, number of loans withdrawn on the home data system log sheet

Question 12

What type of loan applications fall under FHA

Answer 12

Purchase

Permanent financing for construction

Refinancing of of residential property to be used as the principal dwelling

Question 13

FHA does not cover what type of loans

Answer 13

Home improvement

Interim construction

Vacation homes

Mobile homes not affixed

Real estate loans made for other purposes

Vacant lots

Question 14

FHA requires that national banks disclose what to the applicant

Answer 14

Information on sex and race is requested by the federal government

May not discriminate

Will visually identify if applicant does not provide

Question 15

Banks must keep the following in its home loan files

Answer 15

Appraisal

Census tract number

Application disposition info

Question 16

The occ may require a bank to keep an inquiry application log of there is reason to believe

Answer 16

Illegal discriminatory practices took place