Question

Mortgage lenders are prohibited from discriminating in giving credit to prospective borrowers based on race, color, religion, national origin, sex, marital status, age or dependency on public assistance under which law or regulation?

Answer 1

The Equal Credit Opportunity Act (ECOA) is the federal law that prohibits discrimination by mortgage lenders and other credit providers on the basis of race, color, religion, national origin, sex, marital status, age, or dependence on public assistance.

Step-by-step explanation:

Mortgage lenders are prohibited from discriminating based on race, color, religion, national origin, sex, marital status, age, or dependence on public assistance under the Equal Credit Opportunity Act (ECOA). The ECOA is a federal law that was enacted in 1974 in the United States. The aim of this law is to ensure that all consumers are given an equal chance to obtain credit. This law doesn't just apply to mortgage lenders, but it also covers other types of businesses that offer credit to consumers, e.g. credit card companies, loan and finance companies, and retail stores.

Learn more about Equal Credit Opportunity Act