CFPB and DOJ Announce Settlement with Mortgage Lender Charged with Discriminatory Broker Compensation Policy

CFPB and DOJ Announce Settlement with Mortgage Lender Charged with Discriminatory Broker Compensation Policy

The CFPB announced last week that, together with the Department of Justice (DOJ), it had entered into a proposed consent order with Provident Funding Associates, a wholesale mortgage lender, to settle charges that Provident violated the FHA and ECOA by allowing its wholesale brokers to charge higher fees to African-American and Hispanic borrowers than non-Hispanic white borrowers.