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Almost $35 million of the total is earmarked for compliance efforts at 93 organizations.

Also, Gateless taps former Freddie Mac executive as COO and Nations Lending and Geneva Financial expand their networks.

Despite “color blind” underwriting algorithms, loan denial rates on mortgages that were not backed by the Federal Housing Administration and the VA skewed heavily toward minority groups, according to a study by The Markup.

Also, loanDepot adds recent HUD official to board, Cherry Creek names CTO, Homebot taps former Ellie Mae executive to lead enterprise sales and Stewart Title hires, promotes team members across the U.S.

The gain reinforces other estimates that suggest more work-intensive purchase originations have spurred companies to increase staffing. Hiring addressing changing needs in servicing may come next.

Co-chair Susan Rice, a former United Nations Ambassador, has made racial equity a central issue to her agenda as domestic policy council chair.

This is the third major executive hire at the company amid an industry-wide push to attract more minorities to its ranks.

In late July, the Justice Department notified the Houston bank of a potential lawsuit alleging violations between 2013 and 2017, according to a securities filing. Cadence said that its prospective merger partner, BancorpSouth, supports the settlement discussions.

The pandemic made it harder for many Americans to qualify for mortgages. But it hit middle-to low-income minority borrowers harder than most.

The tool is designed to help lenders adjust their underwriting to address the growing faction of non-W2 employees, which is expected to make up half of the workforce by 2027.