Proposed changes to the Equal Credit Opportunity Act that are intended to provide greater clarity for home lenders have been finalized.
Back in March, the Consumer Financial Protection Bureau proposed amendments to ECOA regulations that would provide additional flexibility for mortgage lenders in the collection of consumer ethnicity and race information.
Under the proposal, lenders would maintain the same practices regardless of their loan volume or other characteristics — enabling more lenders to adopt forms like the Uniform Residential Loan Application that include expanded requests for information regarding a consumer’s ethnicity and race.
Source: Mortgage Daily
