Ecoa - Study guides, Class notes & Summaries

ECOA EXAM Questions and answers, VERIFIED/ What does ECOA stand for? - -Equal Credit Opportunity Act What is the purpose of ECOA? - -to promote the availability of consumer credit to all applicants by prohibiting credit decision based on race, color, religion, national origin, gender, marital status, or age. Who is ECOA regulated by? - -CFPB What is the "Notice of Action Taken" disclosure? - -a creditor must provide a loan applicant with notifications of any of the following actions ...

Gold Coast Final Exam Questions and Answers 100% Solved What is the form you sign that says you will pay the loan back ? promissory note What is the post licensing grace period after first expiration ? none Deposits is a form of... valuable consideration Physical land and improvements real property Is it a violation if a sales associate work for two brokers Monday-Friday, and Saturday and Sunday and getting paid commission from both Yes What is the maximum fine per offense ? $5,000 per fine...

B. Equal Credit Opportunity Act (ECOA), 12 CFR Part 1002 (Regulation B), Questions and answers, verified/ ECOA when was it enacted - -1974 1. Subtopics a. Factors that cannot be used to discriminate - -Race Color Religion National origin Sex Marital status Age, as long as the loan applicant is old enough to enter a contract Receipt of income from a public assistance program Exercise of rights under the Consumer Credit Protection Act, which includes the Truth- in-Lending Act 1. Su...

ECOA Exam Review Questions and answers, VERIFIED. Regulation B requires that applications are dispositioned within 30 days of the application date. This means you need to: - -Request either verbally or in writing additional information from the borrower if you do not have enough to make a credit decision Approve the loan Suspend the loan Deny the loan Notification must be issued within: - -30 days of receiving a completed application 30 days after taking adverse action on an incomple...

Equal Credit Opportunity Act(ECOA) (Regulation B), Questions and answers/ Equal Credit Opportunity Act (ECOA). - -What does ECOA mean? The Consumer Financial Protection Bureau (CFPB) - -Who enforces ECOA? that creditors do not discriminatewhen granting credit - they must "Be Equal". - -ECOA is regulation "B" and it requires what? a "credit application". - -ECOA primarily deals with what? race, color, religion, national origin, sex, marital status, age (provided the applicant has a...

Equal Credit Opportunity Act (ECOA), Questions and answers, verified/ Title VII - -Enacted by Congress in 1974, ECOA was added to the Consumer Credit Protection Act as Equal Credit Opportunity Act/Regulation B - -To promote the availability of consumer credit to all applicants by prohibiting credit decisions based on race, color, religion, national origin, gender, marital status, age. Prohibits credit decisions based on the fact that an applicant's income is derived from any public as...

Recovery Coach Academy for Turning Point (PEER COACH) Questions With 100% Correct Answers.

tx Question and answers correctly solved Laissez-faire - correct answer A policy or attitude of letting things take their own course, without interfering. 4 key communication skills: Maintain or enhance customer - correct answer Self esteem - correct answer Equal Credit Opportunity Act (ECOA) - correct answer Designed to make credit available to every financially qualified applicant Home Mortgage Disclosure Act (HMDA) - correct answer Requires lenders to report income a...

S.A.F.E Mortgage Loan Originator Exam 100% Correct GLBA Gramm-Leah-Bliley Act FTC Federal Trade Commission FCC Federal Communications Commission NPI Non-public Personal Information Consumer Individual who obtains financial services for personal use Customer Continuing relationship with a financial institute EBR Established Business Relationship FACTA Fair Credit Reporting Act (Original FCRA) FHA Fair Housing Act & Federal Housing Administration ECOA Equal Credit ...

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