Which of the following is not one of the five parts of ECOA?

The correct response identifies that “loan application fees” are not one of the five parts of the Equal Credit Opportunity Act (ECOA). ECOA is primarily focused on preventing discrimination in the lending process and ensuring that all applicants have equal access to credit. The five key components defined by ECOA typically include discrimination, appraisal, adverse action, and other related practices that ensure fair treatment.

In this context, discrimination refers to the prohibition against treating applicants unfairly based on race, color, national origin, sex, marital status, or age. Appraisal is concerned with ensuring that property evaluations are conducted fairly and without bias. Adverse action involves the requirement that lenders inform applicants when they are denied credit, including the reasons for the denial, which is also a vital part of ECOA compliance.

While loan application fees are a relevant consideration in the broader scope of lending practices, they do not fall under the specific protections and regulatory requirements laid out in ECOA. Thus, this clarifies why “loan application fees” is the correct choice for what does not belong to the set of ECOA components.