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A prospective borrower contacts a lender to ask general questions about mortgage qualification standards. During the conversation, the borrower later provides detailed information regarding income, assets, liabilities, and credit history so the loan officer can evaluate eligibility for a specific loan program.

Under Regulation B, when does the inquiry become an application?

A borrower contacts a mortgage lender and discusses obtaining financing but never submits the requested documentation or completes the formal application process. More than 30 days pass after the initial contact without further communication from the borrower.

How should the lender generally report the file for HMDA purposes?

A loan officer asks all applicants to identify their race and national origin during the initial mortgage interview, even though the loan program is not a government monitoring or special purpose credit program.

Which ECOA restriction applies?

A mortgage lender redesigns its application forms and requires all applicants to identify themselves as Mr., Mrs., Miss, or Ms. before the application may be processed.

During a fair lending review, regulators determine the form violates Regulation B requirements.

Which statement best reflects ECOA rules regarding sex designation requests?

During a mortgage interview, a lender asks applicants to disclose their religious affiliation and ethnic background as part of the underwriting process for a standard conventional loan program.

Which ECOA restriction most directly applies?

During a loan interview, a lender asks all applicants whether they know of any reason their income may decrease or become interrupted in the future. One applicant responds that she expects to take maternity leave later in the year.

Under ECOA, which action is permissible for the creditor?