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16 Cards in this Set
- Front
- Back
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ECOA notices must be sent and how many days? |
30 days after a completed application |
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ECOA notifications must contain the following: |
1.Statement of action taken 2.name and address of the bank 3. ECOA statement 4. name and address of federal agency administering compliance 5.applicants rights of reasons of action taken |
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Joint intent -special signatures can be obtained in the following situations (ECOA ) |
1. A Joint application 2. Borrowers reside in a community property state |
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Define ECOA. |
ECOA prohibits discrimination in any aspect of the credit transaction. it applies to extension of credit including small businesses corporations partnerships and trusts. |
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Incomplete and withdrawn applicant must receive their adverse action in how many days |
30 calendar days |
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After 30 days of receiving an incomplete application the bank can do the following three things |
Approve the loan Close it for incompleteness Deny the loan |
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Fair Housing |
protects against discrimination in residential real estate lending |
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ECOA Prohibits discrimination on the basis of... |
Race,color,religion, national origin, sex, marital status, age, receiving income for public assistance program, and exercising rights under the consumer credit protection act. |
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Fair housing act prohibits discrimination on the basis of what two additional areas? |
Familial status (children under the age of 18 with a parent or legal guardian, pregnant woman, and people providing custody of children under 18) Handicap |
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Are adverse actions calendar days or business days? |
Calendar days |
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ECOA-small business denials can be made verbally true or false? |
True |
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ECOA-small business denials must |
Must've phone app can't within 60 days and must include the ECOA statement |
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Small businesses have gross revenues of |
Less than 1 million in the preceding fiscal year |
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Large Business |
Annual gross revenues of more than 1 million in the preceding this fiscal year |
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Large business adverse action |
Must be made in a reasonable time decisions can be given verbally
applicant may request reason for adverse action within 60 days of the date of notification |
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When Change in terms notifications must be sent out? |
45 days prior to effective date of the change |
