ECOA (Equal Credit Opportunity Act)
The Equal Credit Opportunity Act (ECOA) makes it illegal for any creditor to discriminate against a credit applicant because of race, color, religion, national origin, sex, marital status, age, public assistance income, or exercising consumer credit rights. It applies to every mortgage application.
- Licensed mortgage broker
- Company NMLS 2783307
- Equal Housing Opportunity
Our commitment
Equal Treatment for Every Borrower
At HomyLoan, we follow the Equal Credit Opportunity Act (ECOA), which ensures that every applicant is treated fairly during the loan process. We evaluate borrowers based only on financial qualifications, not on personal characteristics.
Our mission is to provide equal access to credit and a lending experience that is transparent, consistent, and free from bias.
We do not discriminate based on:
- Race or color
- Religion
- National origin
- Sex
- Marital status
- Age (as long as you can legally enter a contract)
- Receiving income from a public assistance program
- Exercising your rights under federal consumer credit laws in good faith
What the law requires
What ECOA and Regulation B require
ECOA is a federal law. Its rules are in Regulation B, which the Consumer Financial Protection Bureau (CFPB) writes and enforces along with other federal regulators. The rules cover every stage of a loan, from the first conversation to the final decision.
Same standards for everyone
Lenders must judge an application on credit factors such as income, debts, assets and credit history, applied the same way to every applicant.
A reason when credit is denied
If an application is denied, the creditor must notify you, generally within 30 days of a completed application, and give the specific reasons or tell you how to request them.
A copy of your appraisal
For a first-lien loan on a home, the lender must give you a copy of appraisals and other written valuations promptly, and generally no later than three business days before closing.
Limits on what can be asked
A lender generally can't require a spouse to co-sign if you qualify on your own. Questions about race, ethnicity and sex are asked for government monitoring, and answering is optional.
What it means for you
Your rights as an applicant
- To be evaluated on your finances, not on who you are.
- To count reliable income from alimony, child support, part-time work, retirement or public assistance, if you choose to disclose it.
- To know why you were denied, and to get a free copy of your home appraisal.
- To file a complaint without retaliation if you think you were treated unfairly.
How HomyLoan follows it
Fair treatment from first call to closing
- As a mortgage broker, we gather the same information from every applicant and compare programs across our network of wholesale lenders on financial factors only.
- Your dedicated licensed loan officer explains every program you may qualify for, not just one.
- We pass along required notices, including appraisal copies and decisions from the lender you choose.
- If you have a concern about how you were treated, tell us right away so we can look into it.
If something goes wrong
How to file a complaint
If you believe a lender or broker discriminated against you on a credit application, you can file a complaint with the CFPB. Mortgage discrimination may also fall under the Fair Housing Act, which HUD enforces. In Texas, you can also contact the state licensing regulator.
Consumer Financial Protection Bureau (CFPB)
The federal agency for mortgage complaints, including disclosures, credit discrimination and loan originator conduct. The CFPB forwards complaints to the company and tracks the response.
consumerfinance.gov/complaintU.S. Department of Housing and Urban Development (HUD)
HUD's Office of Fair Housing and Equal Opportunity takes housing discrimination complaints, including mortgage lending. Complaints are generally due within one year of the event. HUD's fair housing line is 1-800-669-9777.
hud.govTexas Department of Savings and Mortgage Lending (SML)
The state regulator that licenses residential mortgage loan originators and mortgage companies in Texas. Its website has the consumer complaint form and instructions.
sml.texas.govECOA FAQs
ECOA is a federal law that bans discrimination in any credit transaction, including mortgages. Creditors can't treat you differently because of race, color, religion, national origin, sex, marital status, age, public assistance income, or exercising consumer credit rights.
You'll receive an adverse action notice, generally within 30 days of a completed application. It must list the specific reasons for the denial or tell you how to request them.
No. Those questions are collected for government monitoring of fair lending, and answering is optional. Your answer, or choosing not to answer, can't affect the credit decision.
Yes. For a first-lien loan secured by a home, the lender must give you a free copy of appraisals and other written valuations, generally at least three business days before closing.
Yes, if it's reliable and you choose to disclose it. A creditor can't discount income simply because it comes from public assistance, though it can verify how likely it is to continue.
Related policies
More on how we protect borrowers
- Fair Housing ActNo discrimination in housing or mortgage transactions.
- Fair lendingHow federal fair lending laws work together.
- Dodd-Frank ActThe CFPB, Ability-to-Repay and loan originator rules.
- Advertising standardsWhat rates and terms in our marketing do and don't mean.
- State laws and regulationTexas licensing and home equity rules.
- Data privacy and securityYour privacy rights and how to avoid wire fraud.
- About HomyLoanWho we are and how we work as a mortgage broker.
- NMLS Consumer AccessVerify Company NMLS ID 2783307.
Licensing and trust
Licensed, and easy to verify
HomyLoan, LLC is a licensed mortgage broker, Company NMLS ID 2783307. You can confirm our license status at any time on NMLS Consumer Access, the official public lookup run by the Nationwide Multistate Licensing System.
License details
Public record on NMLS Consumer Access
- Legal name
- HomyLoan, LLC
- License type
- Mortgage broker
- Company NMLS ID
- 2783307
- Individual NMLS ID
- 2658032
Equal Housing Opportunity. We do business in accordance with the Fair Housing Act and the Equal Credit Opportunity Act.
Questions?
Ask a licensed loan officer
If something about your loan or your rights isn't clear, ask us. We'll explain it in plain language or point you to the right agency.
This page is general information, not legal advice.