The Business Letter Subprime Lending And Much More

The Business Letter Subprime Lending And Much More Institutions also needs to review their rates structures to make sure that they cannot discriminate against people on a basis that is prohibited or based on the precise location of the home in breach of this Equal Credit chance Act (ECOA), the Fair Housing Act (FHA), or Massachusetts anti-discrimination and anti-redlining statutes, including G.L. C. 151B and c. 183, s. 64. The training of asking overages (asking a greater rate of interest, origination fee, or quantity of points on that loan for several borrowers than is charged for the loan that is same with other borrowers in the same period of time) is allowed unless the training violates the ECOA or FHA. The lender would be in violation of ECOA and FHA unless the lender could show a legitimate nondiscriminatory business reason for the disparate treatment for example if members of a protected class under ECOA and FHA (including race, gender, age, etc....
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