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19 Cards in this Set
- Front
- Back
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Who oversees fair truth in LENDING Laws? |
The Dept of Fair Employment and Housing (DFEH) |
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How does the DFEH proceed once an individual has filed a grievance against a lender? |
First: They will attempt to reach a resolution via the Dispute Resolution Division without charge to either party Second: If the dispute cannot be resolved, the Dept. will file a civil action in the County where the discriminatory conduct took place |
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What are the possible outcomes if the licensed lending broker is found guilty? |
1) the aggrieved individual's recovery of out-of-pocket (actual) monetary losses 2) access to the housing opportunity they were denied 3) an injunction prohibiting the unlawful practice 4) reasonable accommodations 5) civil penalties or punitive damages |
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Brokers have an obligation to advise their agents to act under: |
1) DRE 2) The Unruh Civil Rights Act 3) The Fair Employment and Housing Act 4) Federal Fair Housing Law (FFHA) |
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What are the two objectives of California law which prohibits discrimination? |
1) maintain a healthy state economy 2) maintain and efficient real estate market |
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What are the two goals of the anti-discrimination laws in home financing? (Lending) |
1) increase the availibity of housing to credit-worthy buyers 2) increase lending in communities where lenders have made conventional home mortgages unavailable |
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What are the reasons lenders give financing to qualified, credit-worthy borrowers? |
To buy, build, repair, improve or refinance an existing mortgage on an O/O property or investment property |
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Denying mortgage loans or under-apparaising properties in minority communities is a prohibited act called: |
Redlining |
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A fair lending disclosure includes: |
1) the notice of right to file a discrimination claim 2) the name and address of Secretary of Business and Transportation Agency where they may file |
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The following are subject to the Requirement to Post the Fair Lending Disclosure: |
Banks, thrifts, public agencies, other institutions dealing with one-to-four unit, owner-occupied housing |
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An individual who has been discriminated against (by a state regulated bank- federal regulated banks excluded) needs to: |
Exhaust all agency administrative remedies BEFORE suing the lender for money losses. |
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The Dept of Fair Housing and Emoyment has ____ days after receiving the complaint to decide if the claim is valid, then: |
30 days, then serve the lender with a written decision and order to desist those practices. |
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Once a lender has been found guilty of discrimination by the DFEH, they must: ______ and they may be required to: ______ |
Review the aggrieved client's application under non-descriminatory terms and provide financing if feasible. May be required to pay borrower's money losses in an amount no greater than $1,000. |
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The Equal Credit Oppertunity Act prohibits discrimination against the protected classes and applies to: |
1) institutional lenders 2) mortgage brokers 3) others who make/ arrange mortgages |
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The act that prohibits discrimination in mortgage lending and requires lenders to disclose mortgage loan data to the public is: |
The Federal Home Mortgage Disclosure Act (HMDA) |
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The Home Mortgage Disclosure Act (HMDA) prohibits unlawful redlining practices in: |
1) Residential mortgages 2) Home-improvement mortgages |
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Under HMDA, if the lender denies a mortgage application, they must: |
1) deliver a statement to the applicant stating why 2) notify the borrower of their right to receive such a statement |
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Under the _____, advertising containing discriminatory preferences such as "Christian community" "Hispanic neighborhood" is prohibited. |
Federal Fair Housing Act (FFHA) |
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Who publishes the fair-housing poster that must be displayed when offering a dwelling for rent or for sale? |
The Dept. Of Housing and Urban Development (HUD) |
