ECOA is also known by which Regulation?

The Equal Credit Opportunity Act (ECOA) is also known by Regulation B. This regulation prohibits discrimination in credit transactions on the basis of race, color, religion, national origin, sex, marital status, age, and reliance on public assistance. Implemented to ensure all consumers have fair access to credit, Regulation B sets forth guidelines that lenders must follow in their lending practices.

Understanding the significance of Regulation B is crucial for Mortgage Loan Originators as it underscores the compliance responsibilities that come with evaluating and processing loan applications. Adhering to Regulation B ensures not just legal compliance, but also fosters trust and equality within the lending landscape, promoting responsible lending practices.