
Fannie Loan 2021-2025 Form


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People also ask fannie mae application
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Which of the following is prohibited by fair lending laws?
Fair Housing Act (FHA) FHA prohibits discrimination in the sale, rental, and financing of property based on: Disability. Familial status (for example, the presence of children in the household) Sex (including gender, gender identity and sexual orientation)
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What is a hud addendum to uniform residential loan application?
The HUD/VA Addendum to Uniform Residential Loan Application is a supplementary document used in applications for government-backed home loans. It collects demographic information to ensure adherence to fair lending laws. Section X deals with monitoring for compliance with these laws.
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What is not a fair lending law?
Discouraging a person from applying for credit, refusing to offer credit to a person who qualifies, and offering less favorable terms to different persons with similar qualifications based on race, religion, and other categories discussed above are examples of violations of fair lending laws.
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What is a uniform residential loan application?
What is the Uniform Residential Loan Application (URLA)? The URLA (also known as the Freddie Mac Form 65/Fannie Mae Form 1003) is a standardized document used by borrowers to apply for a mortgage.
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Which of the following reasons for denying an applicant a loan is a violation of fair lending laws?
Final answer: The reason for loan denial that violates fair lending laws is c. The applicant's recent marital status may lead to a change in employment, as this constitutes discrimination based on marital status, which is prohibited by the Equal Credit Opportunity Act.
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Why was my loan application rejected?
A low credit score is a frequent cause of Personal Loan rejection. It's a measure of your creditworthiness based on past financial behaviour. To enhance your credit score, pay bills and existing loan EMIs on time, avoid maxing out Credit Cards, and regularly monitor your credit report for errors.
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What is a violation of fair lending?
Fair lending prohibits lenders from considering your race, color, national origin, religion, sex, familial status, or disability when applying for residential mortgage loans. Fair lending guarantees the same lending opportunities to everyone. Is there a law that protects my fair lending rights? Yes.
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What are the three types of fair lending discrimination?
Types of Lending Discrimination Overt evidence of disparate treatment; • Comparative evidence of disparate treatment; and • Evidence of disparate impact.
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