During the processing of your loan, several federal
laws will provide you with protection. The Equal Credit
Opportunity Act, the Fair Housing Act, and the Fair
Credit Reporting Act prohibits discrimination on the
basis of race, color, religion, gender, national origin,
marital status, age, the fact the applicant’s
income comes from public assistance.
The Fair Housing Act bars inequalities in residential
real estate dealings on the basis of race, color, religion,
sex, handicap, familial status or national origin. This
ban is applicable to the sale of a home to you as well
as the choice by a lender to give you a loan.
While there can be great differences in the types and
sums of settlement fees charged to borrowers, some may
be illegal. You should review your documents carefully
and also compare your settlement costs with that of
The Equal Credit Opportunity Act prohibits lenders
from discriminating against loan applicants. In order
to do so, your lender much report certain data regarding
your race, sex, marital status and age when helping
you apply for credit.
Discrimination Claims – If you experience discrimination
by any lender or agent while you are purchasing a home,
you can file a lawsuit against that person or make those
in the appropriate federal administrative agency aware
of your situation.
Your application must be acted upon by your lender
and within 30 days, you must be informed of the action.
Should your loan application be denied, the Equal Credit
Opportunity Act obliges your mortgage broker to fully
explain in a statement the reasons why it denied your
You have a right to obtain a copy of your credit report
as well as a copy of your property appraisal.