Racial bias

The class-action lawsuit claims the company used deceptive contracts, locking low-income Black homebuyers into disadvantageous long-term mortgages without proper lending disclosures.

The donation will go through the Association of Independent Mortgage Experts in an effort to expand and diversify opportunities in the industry.

The agency’s report on mortgage data submitted by lenders identified persistent disparities between white borrowers and minorities in denial rates and pricing. Some observers say the bureau should have been more explicit as the nation wrestles with systemic racism.

Although it moved from the glitz of Las Vegas to a fully virtual event, the 2020 Digital Mortgage Conference delivered insights and acumen from the industry.

A deep understanding of the history of racial discrimination in both lending and technology is a prerequisite to the development of new technologies, panelists said.

After being approved, retroactively denied and having a second application rejected, the firm is appealing the decision with federal regulators.

The final version of the amended rule, like the original proposal, makes fair lending claims tougher to prove; but it does soften language that otherwise might have allowed mortgage companies to use algorithms to prove nondiscrimination.

Party polarization and racial equity issues make it tougher for trade groups to manage internal divisions while ensuring the field supports those who get their hands on the levers of power.

The California Assembly is considering a bill that would require local governments to permit duplexes on parcels now largely restricted to one house, in effect eliminating single-family zoning that dominates in most suburban residential neighborhoods.

The Federal Reserve could ease capital rules, foster the creation of special-purpose banks and take other steps to strengthen minority communities and businesses without legislation being sought in Congress — if it has the will to do so, experts say.