The NMLS SAFE Act for Mortgage Loan Originators Test Prep - Comprehensive Edition by Levi Samuel & Media Group Scientia

Author:Levi, Samuel & Media Group, Scientia
Language: eng
Format: epub
Publisher: Scientia Media Group
Published: 2021-09-30T00:00:00+00:00

Fairness in Lending

We touched on fairness in lending in the previous chapter, but overall, the practice prohibits lenders from not giving out loans based on discriminatory measures of using race, color, national origin, religion, sex, familial status, or disability as a deciding factor. Fair lending ensures that everyone has the same access to applying for a loan without these previous factors playing any type of role. For instance, a lender cannot simply look at an individual and decide from their race or religion that they are unqualified for a mortgage.

The Federal Fair Housing Act, which is enforced by the Office of Fair Housing and Equal Opportunity, is the law that protects peoples’ rights to fair lending practices. The Federal Fair Housing Act will protect all borrowers seeking assistance, whether they are citizens, legal residents, or undocumented immigrants.

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