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Does the U.S. Fair Lending Act protect borrowers from age discrimination?

Have the guidelines changed recently? by GOak_781_954 from Ballwin, Missouri. Sep 26th 2012 Reply


Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions

You can not under any circumstances be denied a mortgage loan due to your age unless, you are not yet of legal age to enter into a contractual agreement.

Sep 26th 2012
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Cody Bellah (cody@communitymortgagekc.com)
#16 ranked lender in Missouri - 71 contributions

Travis is correct! They can how ever, deny you to the lack of established credit if you haven't have any for very long.

Sep 26th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

Discrimination in mortgage lending is prohibited by the federal Fair Housing Act, and HUD's Office of Fair Housing and Equal Opportunity actively enforces those provisions of the law. The Fair Housing Act makes it unlawful to engage in the following practices based on race, color, national origin, religion, sex, familial status or handicap (disability): (notice it doesn't say Age??), However The Equal Credit Opportunity Act (ECOA) prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age, or whether you get public assistance. (Someone paid attention in CE class)... in any case, it is against the law to discriminate or deny a loan based on age, however there is an exception.. if you are trying to purchase a home in a retirement community, they can put a mandatory MINIMUM age requirement to be able to purchase in that area... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Sep 26th 2012
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Jeremy Redlinger (JeremyR)
#30 ranked lender in Minnesota - 191 contributions

Yes the US Fair Lending Act does protect borrowers that are of age from discrimination based on age.

Sep 26th 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

No, yes and no. NO, The Fair Housing Act does not Yes prohibits the use of age as a factor. Yes, The Equal Credit Opportunity Act (Regulation B) DOES. No, the rules have not changed. If you believe you have been discriminated "Solely" because of age you would want to file a complaint with the Office of the Comptroller of the Currency. You can file the complaint at www.HelpMeWithMyBank.gov. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

Sep 26th 2012
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Jackie Stults (jstults)
#41 ranked lender in Illinois - 15 contributions

Are you 62 years of age or older? Contact me about a reverse mortgage and eliminate monthly mortgage paymentsfor as long as you live in your home. Get free information on the web at www.ReverseByJackie.com!

Sep 26th 2012
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Gianni Cerretani (mortgagegodfather)
#33 ranked lender in Georgia - 238 contributions

Just confirming that my colleagues are all correct

Sep 26th 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

I should point out that there is an exception for Reverse Mortgage Products. By Statute, if you are not 62 years old, age can be used against you. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

Sep 26th 2012
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