Fair Housing Act

The agency has a proposed repeal in place, getting ready to be made public on July 28, which would rescind another Biden-era fair housing policy.

New notices pointed out how large learning models could lead real estate businesses to unintentionally violate the Fair Housing Act in a marketing campaign.

The lawsuit accuses Navy Federal of violating the Fair Housing Act and the Equal Credit Opportunity Act after a CNN report that the lender approved a lower percentage of Black and Latino mortgage applicants.

Two separate programs providing as much as $10,000 in assistance are open to eligible borrowers in the Philadelphia area.

Artificial intelligence can help cut bias out of credit models. The Consumer Financial Protection Bureau should make it easier for lenders to adopt it.

The Department of Justice said City National avoided offering home loans in Black and Hispanic neighborhoods in Los Angeles County from 2017 to 2020.

The agency released two reports Tuesday outlining shortcomings of the background check industry and pledged to root out false information and faulty practices in the space.

The same day Provident Financial Services announced it had agreed to buy Lakeland for $1.3 billion, the seller disclosed an ongoing fair-lending investigation by the Justice Department. Provident said it has "not heard anything" that would give it pause.

AI, ML, predictive analytics and complex algorithms can help lenders expand credit to more consumers, but some critics feel the technology can feed into existing discrimination and bias that applicants face.

The Justice Department, Consumer Financial Protection Bureau and three state attorneys general alleged that Trident Mortgage, a lender owned by Berkshire Hathaway, engaged in redlining and discrimination in the Philadelphia area.

Agencies supervising lenders should make it clear that the transition to less discriminatory algorithms won’t be used to punish banks for their previous use of older, less effective systems.

The accord resolves a lawsuit by the U.S. Department of Housing and Urban Development alleging that the algorithms used in Meta’s advertising systems allowed marketers to violate fair housing laws by limiting or blocking certain groups of people from seeing housing ads on the service. 

Secret test scenarios last year found a loan originator providing fewer options and services on multiple occasions to Black borrowers compared to white customers.

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 2013 rule, which was weakened under the Trump administration, established a comparatively low bar for plaintiffs alleging discrimination.

With the Biden administration signaling that it will prioritize enforcement of federal rules around discriminatory lending, many mortgage firms don't have internal measures in place to ensure compliance of them, writes the internal audit manager of Mortgage Quality Management and Research.

The Department of Housing and Urban Development reinstituted the “affirmatively furthering fair housing" measure, which the Trump administration had argued was overly prescriptive, and promised a later rulemaking to bolster the policy.

Housing experts and advocates disagree on the biggest factor in advancing the Black homeownership rate — and that's part of the problem.

There is a persistent undersupply of moderately-priced homes, which continues to push affordability and the dream of homeownership further into the future for millions of potential first-time minority homeowners, writes the president of mortgage for Radian Group Inc.

The complaint exemplifies the Department of Housing and Urban Development’s focus on “fair servicing” in addition to fair lending.