TX Fair Housing Law, Equal Credit Opportunity Act, Community Reinvestment Act, and the Home Mortgage Disclosure Act

Question 1

Along with HUD, where can TX complaints be filed and under what time frame?

Answer 1

The TX Workforce Commission Civil Rights Division, one year from the date the incident occurred

Question 2

What is the Equal Credit Opportunity Act (ECOA)?

Answer 2

It prohibits lender from discrimination against applicants on the basis of race, color, religion, national origin, sex, martial status, age, or dependency on public assistance

Question 3

What is the Community Reinvestment Act (1977)?

Answer 3

Passed by Congress to prevent redlining and to encourage banks and other lenders under federal oversight to help meet the credit needs of all segments of their communities

Question 4

Explain the Home Mortgage Disclosure Act of 1975

Answer 4

Requires financial institutions to maintain and disclose data about home purchases, home purchase pre-approvals, home improvement, and refinance applications

Question 5

What is a Loan Application Register (LAR)?

Answer 5

Companies under Home Mortgage Disclosure Act (HMDA) are required to keep a LAR. A LAR is where lenders report statistical info each year to insure that lenders are not restricting loans to certain individuals