Shopping For Your Home Loan: Hud'S Settlement Cost Booklet - U.s. Department Of Housing And Urban Development (Hud) Page 34
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48XI. Appendix
ADDITIONAL INFORMATION
There are several federal laws which provide you with protection during the
home buying process.
The Equal Credit Opportunity Act (“ECOA”) and the Fair
Housing Act prohibit discrimination, and the Fair Credit Reporting Act (“FCRA”)
provides you with the right to certain credit information.
No Discrimination
ECOA prohibits lenders from discriminating against credit applicants in any
aspect of credit transactions on the basis of race, color, religion, national origin, sex,
marital status, age, the fact that all or part of the applicant's income comes from any
public assistance program, or the fact that the applicant has exercised any right under
any federal consumer credit protection law.
The Fair Housing Act prohibits housing discrimination because of race, color,
religion, sex, disability, familial status or national origin.
This prohibition applies,
among other things, to the sale of a home to you, the making of loans for purchasing,
constructing, improving, repairing or maintaining a dwelling, and the brokering and
appraising of residential real estate.
If you feel you have been discriminated against by a lender or anyone else in
the home buying process in violation of the Fair Housing Act, you can file a complaint
at no cost with HUD. Following an investigation, if HUD determines that there is a
reasonable cause to believe that your rights under the Fair Housing Act have been
violated, it will issue a Charge of Discrimination on your behalf that will be adjudicated
in administrative proceedings or in federal court. You may also file a complaint under
ECOA with the Board of Governors of the Federal Reserve System or with an
appropriate state agency under the state’s equal credit opportunity laws.
You may also be able to file a private legal action or take other appropriate
action if you are the victim of discrimination.
You may wish to consult with an
attorney to understand your rights.
Prompt Action/Notification of Action Taken
Your lender or mortgage broker must act on your application and inform you of
the action taken no later than 30 days after it receives your completed application.
Your application will not be considered complete, and the 30-day period will not begin,
until you provide to your lender or mortgage broker all of the material and
information requested.
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