Fair Housing Act
If a bank receives < 50 home loan applications what do they record?
HMDA recordkeeping or Fair Housing Home Loan data system logsheet
In state bank advertisements, on what must Fair Housing logos be placed?
Advertising for home improvement loans and home purchase
If a customer felt he/she was a victim of illegal housing practices, who do they file a complaint with?
Department of Housing and Urban Development (HUD)
Under FHA, who may bring lawsuits where there is reason to believe that a person or entity is engaged in a "pattern or practice" of discrimination
Department of Justice (DOJ) U.S. Attorney, Regulatory Agencies (OCC, OTS, FDIC, etc.)
Prohibited bases under FHA only
Familial Status, Handicap, maternity & disability income
Prohibited bases under ECOA only
Marital Status, Age, income derived from public assistance, good faith exercise under the consumer credit protection act
Who is subject to HMDA
National Banks
Prohibited bases under FHA/ECOA
Race, Color, Religion, Sex, National Origin (RCRsN)
What are 3 things that FHA prohibits?
Redlining, appraisal practices that are racially biased and racial steering
What are some of the requirements of HMDA
Subject to maintaining an updated HMDA Loan Application Register (HMDA-LAR) and capture the reason for denial if applicable
What is redlining?
The practice of a lender to refuse to lend in a specific area, often based on a prohibited basis
When should a national bank keep an inquiry/application Log
a bank that has been requested by the OCC because of complaints that its lending practices may be discriminatory
FHA logo must appear on what?
all written advertisements for real estate lending
Fair Housing Logo must appear on what?
all written advertisements for real estate lending
What is a dwelling as it related to FHA
any building, structure, or portion thereof which is occupied as, or designed or intended for occupancy as a residence by one or more families and any vacant land which is offered for sale or lease for the construction or location thereon of any such building, structure or portion thereof.
Home loan applications include what?
applications for purchase, permanent construction financing or refinancing of residential real property to be used for the customer's principal dwelling
Coverage for FHA
applies to persons or entity who business includes engaging in real estate-related transactions and advertising requirements
How do National banks that are subject to HMDA fulfill FHA recordkeeping?
by completing HMDA LAR and updating it within 30 days of the end of the calendar year
What are poster requirements for Equal Housing Lender?
displayed in the institution's lobby and be clearly visible
What is considered a residential real estate related transaction
for purchasing, constructing, improving, repairing or maintaining a dwelling, secured by real estate
What types of loans should be reviewed for FDIC Fair Housing regulations?
home purchase or home improvement
When must Equal Housing Lender be mentioned?
oral advertisements
When is a mobile home subject to Fair Housing monitoring requirements?
purchasing a mobile home and the real estate on which the home is placed is included
Most important thing to remember about FHA
real estate-related transactions, prohibits discrimination in any phase of the housing related transaction, sets forth a number of advertising and poster requirements, prohibits redlining
Who is not subject to HMDA requirements under FHA?
receiving <50 home loan applications during the prior calendar year