{"id":7653,"date":"2023-10-21T05:48:00","date_gmt":"2023-10-21T03:48:00","guid":{"rendered":"https:\/\/albermoya.com\/?p=7653"},"modified":"2023-10-21T05:48:00","modified_gmt":"2023-10-21T03:48:00","slug":"equal-credit-opportunity-act","status":"publish","type":"post","link":"https:\/\/albermoya.com\/en\/equal-credit-opportunity-act\/","title":{"rendered":"ECOA and the Consideration of Income in the Loan Application"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/albermoya.com\/en\/equal-credit-opportunity-act\/#%C2%BFQue_es_ECOA\" >What is ECOA?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/albermoya.com\/en\/equal-credit-opportunity-act\/#Ingresos_que_pueden_ser_desconsiderados\" >Income that can be disregarded<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/albermoya.com\/en\/equal-credit-opportunity-act\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<p>When we apply for a loan, lenders evaluate our creditworthiness based on a variety of factors. One of these factors is our source of income. However, not all income is treated the same, especially under the Equal Credit Opportunity Act (ECOA).<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%C2%BFQue_es_ECOA\"><\/span><strong>What is ECOA?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>ECOA (Equal Credit Opportunity Act)<\/strong>: This is a federal law that prohibits discrimination in any aspect of a credit transaction based on certain factors.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Ingresos_que_pueden_ser_desconsiderados\"><\/span><strong>Income that can be disregarded<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Under ECOA, there are certain sources of income that a lender may choose not to consider when evaluating a loan application. A clear example of this is the <strong>\u00abfrom parents\u00bb income<\/strong> (income from parents).<\/p>\n<p>Why is this type of income disregarded? In many cases, a parent&#039;s income may be considered inconsistent or unstable. The lender can choose not to take that income into account without violating ECOA.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>It is essential to understand how our creditworthiness is assessed and what considerations a lender has when doing so. Under ECOA, disregarding income from parents is an accepted practice, as it is perceived as a potentially unstable source of income.<\/p>","protected":false},"excerpt":{"rendered":"<p>Cuando solicitamos un pr\u00e9stamo, los prestamistas eval\u00faan nuestra capacidad crediticia bas\u00e1ndose en una variedad de factores. Uno de estos factores es nuestra fuente de ingresos. Sin embargo, no todos los ingresos se tratan de la misma manera, especialmente bajo la Ley de Igualdad de Oportunidades de Cr\u00e9dito (ECOA por sus siglas en ingl\u00e9s). \u00bfQu\u00e9 es [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[95],"tags":[296],"class_list":["post-7653","post","type-post","status-publish","format-standard","hentry","category-general","tag-equal-credit-opportunity-act"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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