HUD announces fair loan deal with mortgage company

0
HUD #22-106
HUD Public Affairs
(202) 708-0685
FOR BROADCAST
Thursday
June 2, 2022

HUD ANNOUNCES FAIR LOAN AGREEMENT WITH MORTGAGE COMPANY

WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) announced that it has entered into a settlement agreement (agreement) between the National Community Reinvestment Coalition (NCRC) and Movement Mortgage LLC, resolving allegations that it engaged to discriminatory lending practices based on race and national origin, in violation of the Fair Housing Act. Read the agreement.

The Fair Housing Act prohibits mortgage lenders and others involved in housing-related lending practices from discriminating on the basis of race, color, religion, national origin, sex (including gender identity and sexual orientation), disability and family status.

“This agreement reflects HUD’s commitment to ensuring that everyone has equal access to credit, regardless of race or national origin,” said Demetria L. McCain, HUD Deputy Principal Undersecretary for Fair Housing and the equality of chances. “It is imperative that lenders comply with fair housing laws. HUD will continue to work to ensure that all applicants are treated equally.

The deal stems from a complaint filed with HUD by the NCRC alleging it conducted testing in the Seattle-Tacoma area that found differential treatment of black and Hispanic testers and white testers seeking loans. real estate. Movement Mortgage, LLC denies providing less favorable treatment to testers because of their race or national origin.

Under the terms of the agreement, Movement Mortgage LLC will pay $65,000 to the NCRC and donate an additional $10,000 to a Seattle-area nonprofit specializing in financial and housing training and counseling for people in the majority-minority census tracts of Seattle-Tacoma. -Bellevue metropolitan area. Movement Mortgage, LLC will also host a “Grab the Key” event in the Seattle metro area designed to improve homeownership rates for Black buyers. Movement Mortgage LLC employees will also complete additional Fair Lending training. The Agreement should not be construed as an admission of wrongdoing by the Mortgage Company or evidence of a finding that Movement Mortgage LLC has violated the Fair Housing Act.

People who believe they have experienced housing discrimination can file a complaint by contacting HUD’s Office of Fair Housing and Equal Opportunity at (800) 669-9777 (voice) or (800) 877-8339 (Federal Relay Service).

Share.

About Author

Comments are closed.