Monday Morning Cup of Coffee: When will mortgage lending pick up?

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Fifth Third Mortgage pays $1.5M to settle discrimination claims

Accused of violating Fair Housing Act, Equal Credit Opportunity Act

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The Department of Justice reached a settlement with Fifth Third Mortgage Company (FITB) to resolve allegations that it engaged in a pattern or practice of discrimination on the basis of disability and receipt of public assistance in violation of the Fair Housing Act and the Equal Credit Opportunity Act.

Under the agreement, the mortgage firm agreed to maintain revised policies, conduct employee training and pay over $1.5 million to compensate victims.

In addition, a second defendant in the case, mortgage broker Cranbrook Mortgage Corporation, has revised its underwriting practices, will train its loan officers and will pay $2,000 to compensate the loan applicants who filed the Department of Housing and Urban Development complaint.  

“Today’s announcement holds lending institutions accountable for their actions, and is a reminder that every American has the right to apply for a home loan and live in the community of their choice,” said HUD Assistant Secretary for Fair Housing and Equal Opportunity Gustavo Velazquez.

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