Tag Archives: fair lending

Fairway blasts federal regulators in $10M redlining settlement

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Nation’s third biggest lender casts itself as a victim of politics, noting CFPB launched its investigation the day after Biden Administration took office. Continue reading →

OceanFirst Bank settles DOJ redlining allegations for $15M

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Since launching an initiative to combat redlining in 2021, federal prosecutors have reached settlements with 13 mortgage lenders totaling more than $137 million. Continue reading →

HUD: Appraisal that erased $220K in home value was discriminatory

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Appraisal management company Solidifi and lending giant Rocket Mortgage are also charged with violating the Fair Housing Act. Rocket says it expects to prevail. Continue reading →

LoanDepot settles high-profile appraisal bias lawsuit filed in 2022

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Lender revises appraisal policies and practices in wake of lawsuit by Baltimore couple who claimed their home was undervalued by more than $250,000 because they were Black. Continue reading →

FNB of Pennsylvania to pay $13.5M to settle redlining allegations

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FNB’s 2017 acquisition of Yadkin Bank for $1.8 billion expanded its footprint into North Carolina, where the DOJ alleges it avoided providing mortgages to majority-Black and Hispanic communities. Continue reading →

Patriot Bank denies DoJ redlining allegations, settles for $1.9M

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Government alleges competitors in Patriot’s peer group made home loans in minority areas of Memphis at almost three times the rate of Patriot from 2015 to at least 2020. Continue reading →

Navy Federal faces lawsuits over discriminatory lending allegations

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Lawmakers are demanding a federal investigation in the wake of a CNN analysis that concluded the nation’s largest credit union denied more than 50 percent of Black mortgage applicants in 2022. Continue reading →

Project to tackle appraisal bias continues with Nov. 1 hearing

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The public is invited to join leaders from the American Bankers Association and mortgage giants Fannie Mae and Freddie Mac for a hearing on tackling appraisal bias. Continue reading →

Ameris is now 10th lender to settle DOJ redlining charges in 2 years

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In announcing the $9 million settlement with the Florida lender, Attorney General Merrick Garland said DOJ “currently has over two dozen active investigations into redlining, spanning neighborhoods across the country.” Continue reading →

US Bank, UWM join movement to boost minority lending

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With Fannie and Freddie leading the charge, a growing number of lenders are using special purpose credit programs to boost homeownership in underserved communities. Continue reading →