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HUD to Investigate 22 Banks for Alleged Discrimination
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
HUD to Investigate 22 Banks for Alleged Discrimination
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
HUD to Investigate 22 Banks for Alleged Discrimination

December 13 2010 (Jeff Alan)
FairHousingLogo
The U.S. Department of Housing and Urban Development (HUD) announced that it is launching multiple investigations following a probe by a fair housing coalition that 22 lenders allegedly illegally denied mortgages to African American and Latino borrowers who should have qualified.

The National Community Reinvestment Coalition (NCRC) filed the complaint with HUD alleging that the loan activities of the mortgage originators showed that their home lending practices deny FHA- insured loans to African Americans and Latinos with credit scores as high as 640.

The FHA sets guidelines for loans that the government agency guarantees. Under its guidelines, borrowers with a credit score of 580 or higher can qualify for loans with down payments of as little as 3.5 percent or with a credit score above 500 with a down payment equaling 10 percent of the loan.

However, lenders can set higher standards for FHA-insured loans beyond what the agency requires, creating a higher hurdle to home ownership. Several lenders, including the two biggest, Bank of America Corp. and Wells Fargo & Co., require minimum credit scores between 620 and 640. Those two companies weren’t among those targeted by the NCRC.

Some of the mortgage originators in the complaint include MetLife Bank NA of Bridgewater, New Jersey, American Equity Mortgage Inc. of St. Louis and PHH Corp. of Mount Laurel, New Jersey. The complaint alleges the mortgage companies didn’t offer applications for U.S.-backed loans to borrowers with credit scores below 640. The higher standards disproportionately hurt blacks and Latinos, NCRC said.

According to HUD Assistant Secretary for Fair Housing and Equal Opportunity John Trasviña, “FHA is an important vehicle for Americans who want to purchase or refinance a home. We thank NCRC for bringing these complaints to HUD. For lenders to deny responsible home seekers this source of credit, without regard for their capacity to repay the loans, would raise serious fair housing concerns and, if proven, undermine our nation’s recovery efforts. HUD will take appropriate action against any lender found to be engaging in discriminatory practices.”

Prior to the recent downturn in the economy, FHA-insured mortgages comprised less than three percent of new home loans. Since the economic crisis, FHA and the Government-Sponsored Enterprises have insured or guaranteed nearly 95 percent of new mortgage loans being originated.

According to NCRC, an association of more than 600 community-based organizations that promote access to basic banking services, their fair lending “testers” evaluated the practices of national lenders, financial services corporations, and other regional and local FHA-approved lenders. In the complaints filed on December 7, NCRC states that lenders were chosen according to their market share and volume of FHA loans, as well as through discussions with community leaders.

HUD is required under the Fair Housing Act to impartially investigate allegations of housing discrimination and, during every phase of the investigations, attempt to settle complaints through conciliation efforts.

Tags: HUD, NCRC, discrimination, community-based organizations, mortgage loans, mortgage originators, fair housing act, FHA loans, home lending practices

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

December 13 2010 (Jeff Alan)
FairHousingLogo
The U.S. Department of Housing and Urban Development (HUD) announced that it is launching multiple investigations following a probe by a fair housing coalition that 22 lenders allegedly illegally denied mortgages to African American and Latino borrowers who should have qualified.

The National Community Reinvestment Coalition (NCRC) filed the complaint with HUD alleging that the loan activities of the mortgage originators showed that their home lending practices deny FHA- insured loans to African Americans and Latinos with credit scores as high as 640.

The FHA sets guidelines for loans that the government agency guarantees. Under its guidelines, borrowers with a credit score of 580 or higher can qualify for loans with down payments of as little as 3.5 percent or with a credit score above 500 with a down payment equaling 10 percent of the loan.

However, lenders can set higher standards for FHA-insured loans beyond what the agency requires, creating a higher hurdle to home ownership. Several lenders, including the two biggest, Bank of America Corp. and Wells Fargo & Co., require minimum credit scores between 620 and 640. Those two companies weren’t among those targeted by the NCRC.

Some of the mortgage originators in the complaint include MetLife Bank NA of Bridgewater, New Jersey, American Equity Mortgage Inc. of St. Louis and PHH Corp. of Mount Laurel, New Jersey. The complaint alleges the mortgage companies didn’t offer applications for U.S.-backed loans to borrowers with credit scores below 640. The higher standards disproportionately hurt blacks and Latinos, NCRC said.

According to HUD Assistant Secretary for Fair Housing and Equal Opportunity John Trasviña, “FHA is an important vehicle for Americans who want to purchase or refinance a home. We thank NCRC for bringing these complaints to HUD. For lenders to deny responsible home seekers this source of credit, without regard for their capacity to repay the loans, would raise serious fair housing concerns and, if proven, undermine our nation’s recovery efforts. HUD will take appropriate action against any lender found to be engaging in discriminatory practices.”

Prior to the recent downturn in the economy, FHA-insured mortgages comprised less than three percent of new home loans. Since the economic crisis, FHA and the Government-Sponsored Enterprises have insured or guaranteed nearly 95 percent of new mortgage loans being originated.

According to NCRC, an association of more than 600 community-based organizations that promote access to basic banking services, their fair lending “testers” evaluated the practices of national lenders, financial services corporations, and other regional and local FHA-approved lenders. In the complaints filed on December 7, NCRC states that lenders were chosen according to their market share and volume of FHA loans, as well as through discussions with community leaders.

HUD is required under the Fair Housing Act to impartially investigate allegations of housing discrimination and, during every phase of the investigations, attempt to settle complaints through conciliation efforts.

Tags: HUD, NCRC, discrimination, community-based organizations, mortgage loans, mortgage originators, fair housing act, FHA loans, home lending practices

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

December 13 2010 (Jeff Alan)
FairHousingLogo
The U.S. Department of Housing and Urban Development (HUD) announced that it is launching multiple investigations following a probe by a fair housing coalition that 22 lenders allegedly illegally denied mortgages to African American and Latino borrowers who should have qualified.

The National Community Reinvestment Coalition (NCRC) filed the complaint with HUD alleging that the loan activities of the mortgage originators showed that their home lending practices deny FHA- insured loans to African Americans and Latinos with credit scores as high as 640.

The FHA sets guidelines for loans that the government agency guarantees. Under its guidelines, borrowers with a credit score of 580 or higher can qualify for loans with down payments of as little as 3.5 percent or with a credit score above 500 with a down payment equaling 10 percent of the loan.

However, lenders can set higher standards for FHA-insured loans beyond what the agency requires, creating a higher hurdle to home ownership. Several lenders, including the two biggest, Bank of America Corp. and Wells Fargo & Co., require minimum credit scores between 620 and 640. Those two companies weren’t among those targeted by the NCRC.

Some of the mortgage originators in the complaint include MetLife Bank NA of Bridgewater, New Jersey, American Equity Mortgage Inc. of St. Louis and PHH Corp. of Mount Laurel, New Jersey. The complaint alleges the mortgage companies didn’t offer applications for U.S.-backed loans to borrowers with credit scores below 640. The higher standards disproportionately hurt blacks and Latinos, NCRC said.

According to HUD Assistant Secretary for Fair Housing and Equal Opportunity John Trasviña, “FHA is an important vehicle for Americans who want to purchase or refinance a home. We thank NCRC for bringing these complaints to HUD. For lenders to deny responsible home seekers this source of credit, without regard for their capacity to repay the loans, would raise serious fair housing concerns and, if proven, undermine our nation’s recovery efforts. HUD will take appropriate action against any lender found to be engaging in discriminatory practices.”

Prior to the recent downturn in the economy, FHA-insured mortgages comprised less than three percent of new home loans. Since the economic crisis, FHA and the Government-Sponsored Enterprises have insured or guaranteed nearly 95 percent of new mortgage loans being originated.

According to NCRC, an association of more than 600 community-based organizations that promote access to basic banking services, their fair lending “testers” evaluated the practices of national lenders, financial services corporations, and other regional and local FHA-approved lenders. In the complaints filed on December 7, NCRC states that lenders were chosen according to their market share and volume of FHA loans, as well as through discussions with community leaders.

HUD is required under the Fair Housing Act to impartially investigate allegations of housing discrimination and, during every phase of the investigations, attempt to settle complaints through conciliation efforts.

Tags: HUD, NCRC, discrimination, community-based organizations, mortgage loans, mortgage originators, fair housing act, FHA loans, home lending practices

THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS