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If it’s a CMP, once is enough

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Question: 
How often are non-mortgage loans involved in fair lending violations?
Answer: 

This isn’t information generally available unless you’re able to find a compilation of interagency statistics or it rises to the level of DOJ involvement with a publication of facts. So it’s difficult to tell, but we do see clips occasionally. If it is your bank, once would be enough. We all know the rules apply, but because there is no GMI some facts are “read into” the orders based on a survey of borrower’s names or addresses as examples, which could be an indication of sex and race. But those methods leave room for error.

First published on 08/15/2021

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