A A Mortgage Corp.
is located in downtown Manchester, MO,
one block
west of
Woods Mill Rd.14346 Manchester Rd
in West County.
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Equal Credit Opportunity Act Regulation B
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Regulation B was issued by the Board of Governors of the Federal Reserve System to implement the
provisions of the Equal Credit Opportunity Act (ECOA). The law was enacted in 1974 to make it
unlawful for creditors to discriminate in any aspect of a credit transaction on the basis of sex
or marital status. In 1976, through amendments to the Act, it became unlawful to also
discriminate on the basis of race, color, religion, national origin, age, receipt of public
assistance and the good faith exercise of rights under the Consumer Credit Protection Act.
The primary purpose of the ECOA is to prevent discrimination in the granting of credit by
requiring banks and other creditors to make extensions of credit equally available to all
creditworthy applicants with fairness, impartiality and without discrimination on any
prohibited basis. The regulation applies to consumer and other types of credit transactions.
This discussion will be limited to those provisions of ECOA that relate specifically to the
mortgage lending process, including:
- Rules Concerning Taking of Applications
- Rules Concerning the Evaluation of Applications
- Rules Concerning Extension of Credit
- Consumer Notifications
- Consumer Information for Monitoring Purposes
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