Fair Lending – Public Servant Discount: I’d like to offer a discount of our lender fees for school district employees, and other public servants. Will this violate Fair Lending Rules?
Answer: These types of programs used to be overlooked by the examiners, but the CFPB doesn’t quite have that opinion in their interpretation of ECOA. The issue is that two consumers could walk into your office with similar financial profiles. A school district employee could technically get a lower rate or lower cost mortgage than […]