LoanDepot settles high-profile appraisal bias lawsuit filed in 2022
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
by Matt Carter Mar 27
FNB of Pennsylvania to pay $13.5M to settle redlining allegations
FNB's 2017 acquisition of Yadkin Bank for $1.8B expanded its footprint into North Carolina, where the DOJ alleges it avoided providing mortgages to majority-Black and Hispanic communities
by Matt Carter Feb 6
Patriot Bank denies DOJ redlining allegations, settles for $1.9M
Government alleges competitors in the community bank'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
by Matt Carter Jan 19
Navy Federal faces lawsuits over discriminatory lending allegations
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% of Black mortgage applicants in 2022
by Matt Carter Jan 12
Project to tackle appraisal bias continues with Nov. 1 hearing
The public is invited to join leaders from the American Bankers Association and mortgage giants Fannie Mae and Freddie Mac for an Appraisal Subcommittee hearing on tackling bias
by Matt Carter Oct 23
Ameris is now 10th lender to settle DOJ redlining charges in 2 years
In announcing the $9M settlement with the Florida lender, the DOJ says it 'currently has over 2 dozen active investigations into redlining, spanning neighborhoods across the country'
by Matt Carter Oct 19
US Bank, UWM join movement to boost minority lending
With Fannie and Freddie leading the charge, a growing number of lenders are using special purpose credit programs to boost homeownership in underserved communities
by Matt Carter Jul 13
New video explores potential for AI bias in mortgage lending
Experts participating in filmmaker Alice Gu's BAD INPUT argue technology could expand access to credit, but also perpetuate discriminatory lending unless closely overseen
by Matt Carter May 2
Court tosses redlining suit sparked by mortgage broker's radio show
Regulators alleged statements made by hosts of Townstone Financial's call-in show discouraged 'prospective' African-American applicants from seeking mortgage loans
by Matt Carter Feb 8
City National Bank to pay at least $31M to settle redlining charges
Biggest redlining settlement in DOJ history is 5th enforcement action since launch of initiative to combat redlining in 2021, with $75M in relief to date. Bank denies it engaged in redlining
by Matt Carter Jan 13
Wells Fargo exiting correspondent mortgage lending business
Executives hope to reduce risk by reducing the size and narrowing the focus of bank's mortgage business to better serve retail customers and minority communities
by Matt Carter Jan 11
Realtors to push for required fair housing training nationwide
Earlier this month, NAR's board of directors passed policies that touched on property reforms, fair lending enforcement and fair housing education for all real estate licensees, not just Realtors
by Andrea V. Brambila May 20
The biggest mortgage, lending and housing finance stories of 2021
The rise of Power Buying, regulatory battles, Fed tapering and big acquisitions rattled lending decisions and homebuyer game plans during a momentous year for the mortgage industry
by Matt Carter Dec 29
FairPlay lands $4.5M seed round to help lenders combat racial bias
APIs are designed to help lenders discover bias in algorithms and take a second look at rejected applicants
by Matt Carter Nov 15
How equitably is housing wealth distributed in your city?
Interactive tool tracks disparities in homeownership rates, home values and distribution of housing wealth by race and ethnicity
by Matt Carter Nov 12