In Analyzing a Mortgage Loan Application, It Is Illegal for a Lender

question 20

Multiple Choice

In analyzing a mortgage loan application, it is illegal for a lender to consider

• A) job stability.
• B) marital status.
• C) income adequacy.
• D) credit rating.

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Definitions:

Chart of Accounts

An organized list of all accounts used by an entity in its accounting system, facilitating the recording, reporting, and analysis of financial transactions.

Chart of Accounts

An organized list of all accounts in a business entity's financial records, each account accompanied by a reference number.

Account Numbers

Unique identifiers assigned to individual accounts within a company's accounting system, facilitating organization and tracking of financial transactions.

Ledger

A book or other collection of financial accounts of a particular type, often the final record where data from journals is compiled.