Aegis Settles With NCRC

Aegis Mortgage Corp. has agreed to change its underwriting restrictions on row houses and eliminate a $60,000 minimum property value requirement in settling a fair housing complaint filed by the National Community Reinvestment Coalition.The complaint alleged that the Houston-based mortgage lender and wholesaler engaged in a pattern and practice of discriminating against African-Americans and Latinos by not making loans on homes worth less than $60,000 or on row houses. "We have agreed to clarify our underwriting guidelines to remove any perceived barriers to equal access to credit for all eligible borrowers," AMC executive vice president Michael Balog said. He noted that the guidelines in question affected only a few of the company's loan products. The settlement agreement will ensure that residents of row houses in cities on the East Coast and in the Midwest "enjoy equal access to credit," NCRC president John Taylor said. "We trust that other lenders and securitizers with similar policies will follow the lead of Aegis."