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Home Loan Discrimination

Loan Discrimination

The Civil Rights Act requires lenders not to discriminate against mortgage loan applicants on the basis of race, color, national origin, religion, sex, age, or marital status.

Borrower rights are better protected since passage of the Equal Credit Opportunity Act. The Act requires fair consideration of consumer loan applications from women, minority races, part-time employees, and others.
Lenders may not discriminate based on the fact that all or part of the applicant’s income comes for public assistance or that the applicant has exercised any right under the federal consumer credit protection law.
Mortgage lenders have specific guidelines for loan underwriters to follow to ensure compliance. Guidelines prevent homebuyers from being victimized, not to guarantee loans will be approved.
Posted Saturday Jan 14