Mortgage Professional America forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Mortgage company forks out millions over discrimination claim

Notify me of new replies via email
Mortgage Professional America | 07 Nov 2013, 06:28 AM Agree 0
It turns out Bank of America isn’t the only big lender in hot water over allegations of discriminatory practices, as a large lender's subsidiary has agreed to settle over allegations that it discriminated against African American and Hispanic borrowers
  • Gordon Schlicke | | 07 Nov 2013, 04:37 PM Agree 0
    Loan Officers take note: Even if it was not your intention to discriminate against anybody, the statistics can be manipulated to demonstrate a "pattern or practice" in your mortgages. HUD does not care if you never intended this outcome and the courts will back them. Keep good records of the mortgages you personally originate. Lawyers love these settlements because courts defer to them if you are defending yourself. Double underwrite all mortgages made to a protected class so you can build an affirmative defense. List the reason for rejections.
Post a reply