Back to Glossary
Equal Credit Opportunity Act (ECOA)
January 19, 2023
This Act (Title VII of the Consumer Credit Protection Act) forbids discrimination based on race, color, religion, national origin, gender, marital status, age, receipt of public assistance, or good faith use of any Consumer Credit Protection Act rights. The Act also mandates creditors to furnish applicants with the reasons for credit denials upon request. The Dodd-Frank Act required that creditors give applicants a copy of all appraisals and other documented valuations utilized with the applicant's application for first-lien loans secured by a residence.
Related Topics
Payment and Debt Ratios
Home Value: Appraised, Estimated, Actual
How Much of a Mortgage Payment Goes to Principal
What Do Underwriters Do?
What Does Loan Underwriting Mean
Loan To Value and Down Payments
What is Underwriting in Real Estate?
Homeowner's Guide: DIY Home Improvement