Home Mortgage Disclosure Act

To govern how lending institutions report loan data, Congress enacted the Home Mortgage Disclosure Act in 1975. The data to be reported includes ethnicity, race, sex, and income of applicants and borrowers; geographic distribution of loans and applications; and information about loan approvals and denials. For loans and applications of the previous calendar year, the data is reported by the lending institutions on the first of March. If requested, lenders need to have the information available within 30 days of the request but not earlier than March 31st.

To receive a copy of this data send a written request to:

First Choice Loan Services Inc.
One Tower Center, Floor 18
East Brunswick, NJ 08816

The Federal Equal Credit Opportunity Act

The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (providing the applicant has the capacity to enter into a binding contract); because all or part of the applicant’s income derives from any public assistance program; or, because the applicant has in good faith exercised any right under the Consumer Credit Protection Act.