People

More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen."

The disclosures follow full year and fourth quarter earnings reports in which each company revealed big declines from booming performances in 2021.

The cuts amount to less than 1% of Citigroup's 240,000-person workforce, according to people familiar with the matter.

The Ohio-based bank concentrated most of its lending branches in majority-white neighborhoods and did nothing to compensate for its lack of physical presence, the DOJ claims.

The filing is the most recent accusation of discrimination in the field, an issue that has drawn attention from the White House last year.

While Black-owned residential properties increased in value by 42.5%, compared with 38.2% for all houses, Nicole Bachaud, senior economist with the company noted that "we're still a long way from housing equity."

Also, Guaranteed Rate adds to its network, Fairway spotlights reverse mortgages, PrimeLending names production leaders and Rithm Capital finds names a head of investor relations.

Companies like Guild Mortgage, Union Home Mortgage, American Pacific Mortgage and Go Mortgage have been expanding their footprint during a time of great upheaval.

The cuts add to thousands across the home-lending industry in recent months after the Federal Reserve raised interest rates and cooled what had been a red-hot housing market.

The biggest gaps are in cities with the largest concentrations of people in this demographic, a LendingTree study of the 50 largest metro areas found.