Mortgage Lending · Compliance & Regulatory
ECOA and fair lending policies
A written policy setting out how a mortgage lender complies with equal credit opportunity and fair lending laws when taking and deciding loan applications.
What it usually contains
- List of protected classes and prohibited discriminatory practices
- Rules for adverse action notices and required timelines
- Standards for consistent underwriting, pricing, and exception approvals
- Monitoring, testing, and complaint-handling procedures
- Staff training requirements and responsibility for oversight
What the assistant uses it for
Use it to answer how the lender must treat applicants fairly, what notices and timeframes apply to denials or counteroffers, and who reviews pricing and underwriting exceptions. It also explains fair lending training duties and how discrimination complaints are handled.
How it is versioned
A document of this type has exactly one current version at a time. Upload a revision and it becomes the version that counts — the one before it is kept and dated, but is no longer what your assistant answers from. Nothing is ever deleted, so you can always show what this document said on a given date.
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