Bank of america equal housing lender full#

One of those early cases was a settlement with Cornerstone Mortgage that included a $15,000 payment to the person who made the complaint and the creation of a $750,000 fund to compensate others who might have been harmed. In 2015, Wells Fargo agreed to a $5 million settlement that included creating a fund to pay potentially over 250 claimants.įederal enforcement officers brought the first-ever cases alleging fair housing violations regarding maternity status back in 2011. Equal Housing Lender Federal Deposit Insurance Corporation.

Bank of america equal housing lender full#

Such violations can become a large problem for lenders. North American Savings Bank (NASB) offers a full range of bank account and home loan. In 2012 the bank paid over $161,000 to resolve a maternity leave discrimination complaint, and then the following year, a payment of $45,000 settled two further instances of alleged parental leave discrimination. In the past, BofA was penalized for similar violations.

The agreement noted BofA already supplied documentation that it has such policies.īofA will continue providing fair-lending training to all new employees and annual training for current staffers in 'lending-related roles.' It also agreed to keep in place policies prohibiting employees in lending-related roles from discouraging an applicant from applying if they have plans for parental leave, or suggest they return to work before applying for a home loan. The married couple with a newborn child filed a complaint alleging BofA would not approve the couple's home loan application until the wife returned to work from maternity leave, even though her employer was paying her 80% of her salary during that time.īesides the payment to the family, BofA agreed to maintain existing policies and procedures under which applicants on temporary leave, including parental leave, may qualify for a home loan. All information about the complainants has been redacted from the copy of the agreement, except that they are from Napa, California.

Because a right has been exercised under the Consumer Credit Protection Act.'The bank is committed to fair lending,' a statement from BofA said.Īlso named in the agreement is the loan officer involved, Hung Tran.

Because income is from public assistance or.

On the basis of race, color, national origin, religion, sex, marital status, or age.

Houston, TX 77010-9050 UNDER THE EQUAL CREDIT OPPORTUNITY ACT, IT IS ILLEGAL TO DISCRIMINATE IN ANY CREDIT TRANSACTION: Office of the Comptroller of the Currency IF YOU BELIEVE YOU HAVE BEEN DISCRIMINATED AGAINST, YOU SHOULD SEND A COMPLAINT TO:Īssistant Secretary for Fair Housing and Equal Opportunityĭepartment of Housing and Urban Developmentįor processing under the Federal Fair Housing Act AND TO We do Business in Accordance with Federal Fair Lending Laws UNDER THE FEDERAL FAIR HOUSING ACT, IT IS ILLEGAL, ON THE BASIS OF RACE, COLOR, NATIONAL ORIGIN, RELIGION, SEX, HANDICAP, OR FAMILIAL STATUS (HAVING CHILDREN UNDER THE AGE OF 18), TO:ĭeny a loan for the purpose of purchasing, constructing, improving, repairing, or maintaining a dwelling, or to deny any loan secured by a dwelling orĭiscriminate in fixing the amount, interest rate, duration, application procedures, or other terms or conditions of such a loan, or in appraising property.