Equal Credit Oppurtunity Act

If a counteroffer for credit terms is not accepted by the applicant within 30 days, you must send the applicant an adverse action notice.

True

If a loan application is for credit other than an individual, unsecured loan, your institution may inquire about the applicant's marital status.

True

The purpose of gathering government monitoring/demographic information is to determine whether your institution's lending activities violate the ECOA and Regulation B.

True

Evaluation of a loan application must be based on criteria that are:

A and C

The ECOA and Regulation B apply to:

Both consumer and commercial transactions

The ECOA and Regulation B are included in the group of laws known as the:

Fair lending laws

An application to refinance a principal dwelling may be taken verbally; a written application need not be completed.

False

It is illegal to decide during the evaluation of a credit application that a cosigner or co-applicant is required to support the granting of credit.

False

The ECOA and Regulation B do not apply to real estate brokers who arrange financing.

False

Under the Valuations Rule, a creditor is not required to provide copies of an appraisal or other written valuation developed in connection with an application for credit if the application has been withdrawn by the applicant.

False

You must notify the applicant within 60 days if an application is denied because of it is incomplete.

False

John asks you to describe the types of loans your institution offers, along with the rates. John's action is considered an:

Inquiry

All of the following maybe taken into consideration in making a credit decision EXCEPT:

None of the above may be considered

The ECOA's primary purpose is to:

Promote the availability of credit to all creditworthy applicants

An adverse action notice must include:

All of the above

Lenders found in violation of the ECOA can be liable for:

All of the above

The ECOA and Regulation B affect:

All of the above

Within 30 days of receiving a completed application, you must notify the applicant of any:

All of the above

Mary asks a branch manager if her annual income qualifies her for a new car loan. The manager replies, "Gosh, with your other debt, you probably won't qualify." This interchange is considered an:

Application

An applicant for a mortgage loan meets face-to-face with his lender. In completing the application, he chooses not to answer the lender's questions about sex, race, or ethnicity. The lender must record the data based on:

Visual observation