Fair Housing Act Technical Requirements

Question 1

FHA prohibits discrimination for what types of transactions? (4)

Answer 1

Residential real estate transactions, including:

• loans to buy, build, repair, or improve a dwelling
• purchasing RE loans
• Selling, brokering, or appraising Residential RE
• Selling or renting a dwelling.

Question 2

FHA prohibits discrimination based on?

Answer 2

• Race/Color
• National origin
• Religion
• Sex
• Familial status
• Handicap

Question 3

What is family status under FHA?

Answer 3

children under 18 living with a parent or legal guardian, pregnant women, or people securing custody of children under 18.

Question 4

What are the GMI record retention requirements for home purchase and refinance requests? (5)

(What must be retained and for how long)

Answer 4

Must retain data on:

• Race
• National origin
• Sex
• Marital Status
• Age

This excludes applications received by telephone.

Retain for 25 months after bank notifies applicant of action taken. (includes loans that are sold on secondary market)

Question 5

What are the GMI disclosure requirements under FHA? (2)

Answer 5

• inform applicant that GMI information is being requested by gov for purposes of monitoring compliance with federal laws prohibiting discrimination
• Inform applicant that bank is required to note the race, national origin, and sex based on visual observation should the applicant choose not to provide it.

Question 6

What is required to be included on printed loan advertisements for loans subject to FHA?

oral?

Answer 6

The Equal Housing Lender or Equal Housing Opportunity logo.

stating either

Question 7

What is required if a bank refers applicants to a controlled entity or purchases dwelling secured loans? (3)

Answer 7

The bank is required to enter into a written agreement with the controlled entity. The agreement requires the entity comply with:

• Nondiscriminatory advertising (338.3), Fair Housing poster requirements (338.4), and record retention requirements (338.7)
• Provide its books and records for examination by the FDIC
• comply with all instructions and orders issued by the FDIC with respect to home loan practices.

Question 8

What are the Fair Housing Poster/Equal housing Poster requirements? (3)

Answer 8

• 11x14 in
• conspicuously displayed in a central location in bank where deposits are received or residential RE transactions occur.
• Equal housing poster contains correct text in proper format.