Part 64: Discrimination in domestic home loans on foundation of location of home

Part 64: Discrimination in domestic home loans on foundation of location of home

General Laws

Part 64. No mortgagee shall discriminate, for a foundation that is arbitrary or unsupported by a fair analysis associated with the lending risks of a domestic home loan deal, into the granting, withholding, expanding, changing or renewing, or perhaps in the fixing of this prices, terms, conditions or conditions of any domestic home loan or in any written application therefor on residential genuine home found in the commonwealth of four or fewer separate households occupied or even be occupied in entire or perhaps in component by the applicant, this is certainly in the reasonable solution section of such mortgagee, regarding the foundation such home is situated in a particular community or geographic area; supplied, but, so it shall never be a breach of the part if the domestic home loan is manufactured pursuant to a particular public or personal system, the objective of that is to boost the option of home mortgages within a certain community or geographical area. Nor shall any mortgagee usage financing or underwriting requirements, policies, systems or methods, that discriminate in practice or that discriminate in place, on a foundation that is arbitrary or unsupported by an acceptable analysis regarding the lending risks associated with a domestic mortgage deal. The preceding phrase shall perhaps maybe not preclude a mortgagee from:

(a) requiring reasonable and uniformly used application charges,

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