Flood of orders published without explanation on social media target programs and practices designed to boost lending in minority communities, protect borrowers from unfair or deceptive practices. Continue reading
Lenders no longer under orders to keep a sharper lookout for appraisal bias or have a process for helping borrowers who suspect appraisal bias to ask for a “reconsideration of value.” Continue reading
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
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
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
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’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
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
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
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