Affirmative lending refers to the practice of adjusting the demographic distribution of loan recipients to better match the demographics of area residents or depositors. This practice is mandated for federally chartered lending institutions under the Community Reinvestment Act (CRA). By improving access to credit for historically underrepresented groups, affirmative lending aims to reduce financial disparities and foster greater community investment.
A federal law that mandates financial institutions to meet the credit needs of the communities they serve, particularly focusing on low- and moderate-income neighborhoods.
A Consumer Reporting Agency (CRA), also known as a Credit Rating Service, collects, maintains, and provides consumer credit information to third parties to assist in evaluating creditworthiness.
The National Society of Real Estate Appraisers (NSREA) is an affiliate of the National Association of Real Estate Brokers that offers professional designations such as RA, CRA, and MREA. The organization is dedicated to maintaining a high standard of professionalism and ethics in the field of real estate appraisals.
