Equal Credit Opportunity Act and Fair Housing Act

There are 2 federal laws which address discrimination in mortgage lending; they are Equal Credit Opportunity Act (ECOA) & Fair Housing Act (FHA). These mainly consist of prohibitions against discriminatory statements and inquiries made in the lending process.

Equal Credit Opportunity Act also includes procedures for making special notifications which are to be followed by lenders if they take any adverse action on someone's credit application.

Readers will be better informed about the general requirements of these 2 acts which try to remedy discriminatory lending practices in the lending industry.

Miller

A very good book which will make people aware of existence of laws which protect their rights. These acts help people get fair treatment while applying for loans. Everyone should read it.

Many people are not aware which kind of housing is covered by fair Housing Act. I myself was not sure but after purchasing this book I know in detail about it. Actually most types of housing is covered under this act but under certain circumstances, owner occupied buildings with units limited to 4, housing sold or rented which are single family housing without using a broker and housing operated by organizations or private clubs where occupancy is limited only for members are exempt.

All of it I learned from this book, there is lot more info in their which we all should know. - Olasky


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