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
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
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
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'
With Fannie and Freddie leading the charge, a growing number of lenders are using special purpose credit programs to boost homeownership in underserved communities
Experts participating in filmmaker Alice Gu's BAD INPUT argue technology could expand access to credit, but also perpetuate discriminatory lending unless closely overseen
Regulators alleged statements made by hosts of Townstone Financial's call-in show discouraged 'prospective' African-American applicants from seeking mortgage loans
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
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
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
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
APIs are designed to help lenders discover bias in algorithms and take a second look at rejected applicants
Interactive tool tracks disparities in homeownership rates, home values and distribution of housing wealth by race and ethnicity
Plans are intended as roadmap for reducing racial, ethnic homeownership gap over the next 3 years
Journalists at watchdog say credit scores and algorithms used by Fannie Mae and Freddie Mac could be to blame