Questions: True or False Your financial institution may have different mortgage qualification standards based on marital status O True O False Submit Fair Lending Overview: For Lenders - E3 Progress 76 %

True or False

Your financial institution may have different mortgage qualification standards based on marital status

O True
O False

Submit

Fair Lending Overview: For Lenders - E3

Progress 76 %

Transcript text: True or False Your financial institution may have different mortgage qualification standards based on marital status O True O False Submit Fair Lending Overview: For Lenders - E3 Progress 76 %

Solution

Answer

The answer is False

Explanation

Option 1: True

This option would imply that financial institutions can have different mortgage qualification standards based on marital status. However, this is not accurate as it would violate fair lending laws.

Option 2: False

This option is correct because financial institutions are required to adhere to fair lending laws, such as the Equal Credit Opportunity Act (ECOA) in the United States, which prohibits discrimination based on marital status. Therefore, mortgage qualification standards should be consistent regardless of whether an applicant is single, married, divorced, or widowed.

Was this solution helpful?

Unhelpful

Helpful

Questions asked by other users

< Previous Next >

Thank you for your feedback.

Copied!