Diversity and equality

A look at Home Mortgage Disclosure Act data of similarly situated conforming applicants also finds some lenders' own comments for the rejection doesn't match up with the reason given, the Federal Reserve Bank of Minneapolis said.

As part of a settlement with the Justice Department, Patriot Bank must invest more than $1 million of the total in a loan subsidy fund for minority homeowners and take other corrective steps in its everyday business. The bank denied any wrongdoing.

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.

A Connecticut-based couple sued the bank and Cavanaugh Appraisals, LLC for denying them a refinance in 2021 because of racial bias.

Black, Hispanic and Asian homeowners had a 44%, 32% and 30% denial rate for HELOC products, while white homeowners had a 23% denial rate, an analysis of HMDA data by the Federal Reserve Bank of Philadelphia found.

A report from the state's attorney general found Black and Latino households end up paying that combined amount more in origination fees, interest rates and other associated costs, in addition to seeing higher rates of loan denials.

How far have these programs come in reaching their goals and how much further do they need to go?

New American Funding's Patty Arvielo found hiring initiatives can help match lending with demographics but says hurdles to recruiting in general are high now.

Meaningful progress on DEI initiatives has a real effect on the workforce. We examine the dynamics that drive this conclusion and what it means for companies.

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

BofA's fintech accelerator launch and Guaranteed Rate's new insurance offering via a brokerage spinoff are among the latest fintech stories.

The company is rolling out a special-purpose credit program to help address what it describes as "the biggest barriers to achieving homeownership." Such programs are gaining popularity among banks.

The Department of Housing and Urban Development is reviewing HSBC's lending practices in certain majority Black and Hispanic neighborhoods, the bank disclosed. The regions under scrutiny include New York, Seattle and several parts of California, according to the nonprofit organization whose complaint prompted the investigation.

Eligible customers would receive a credit of up to $5,000 that can be put toward expenses like closing costs, or used to secure a lower interest rate. It's the latest example of a bank launching a program aimed at extending credit to minority borrowers.

Eligible borrowers would receive a credit for up to $5,000 to pay for expenses like insurance, taxes and closing costs. The program comes months after fair-lending advocacy groups criticized KeyBank for its low rate of lending to Black borrowers.

Black Americans experienced denial rates of 16.4% in 2022, up from 15.7% the year before, the Federal Financial Institutions Examination Council said last week.

Wells Fargo directed its bilingual team to steer customers away from products with no closing costs toward "predatory lending options" without disclosing the costs, in part by refusing to provide Spanish-language written materials, according to the complaint.

Under a 2-year-old program, homebuyers receive grants of up to $5,000 for down payments and closing costs. JPMorgan Chase said the latest expansion — to some new 3,000 census tracts in 16 U.S. markets — may help an additional 1,000 customers obtain mortgages.

Transgender and nonbinary people who switch their names to fit their gender identity must send documentation to all three national credit bureaus in order to avoid a hit to their credit — and many aren't aware of the need to do so.

The FDIC gave Cadence Bank in Mississippi the highest possible rating on its most recent Community Reinvestment Act evaluation. Cadence was the product of a 2021 merger completed just months after the acquired bank settled a federal lending discrimination case.