Jumbo & State news; Disparate Impact Ruling Clears Things Up, Kind of; New UDAAP?

Hot news from AZ Home Help:

Posted To: Pipeline Press

Yesterday the Supreme Court weighed in on disparate impact in what was viewed as a win for housing advocates & the CFPB and a setback for the banking industry. The Court upheld the use of "disparate impact" in a Texas case alleging housing-related discrimination. Remember that disparate impact says lenders and other defendants can be found liable for racial discrimination even if it was unintended, is recognized under the Fair Housing Act. Many CEOs and lenders say that disparate impact unfairly victimizes financial institutions that are not aware that their credit policies may have a disproportionate effect on minority neighborhoods. Groups on both sides are figuring what it means, and how it will be applied. Certainly no lender wants it to turn into a UDAAP situation - viewed as a catch...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/06262015-disparate-impact.aspx

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