Lender allegedly overcharged Black, Hispanic buyers
Mortgage lender Provident Funding Associates LP has agreed to pay $9 million to settle allegations that it overcharged African-American and Hispanic borrowers on mortgages obtained between 2006-2011. In a statement, Provident Funding denied wrongdoing and stressed that the brokers involved were not employees, and only had non-exclusive broker relationships with the company.
The U.S. Department of Justice and the Consumer Protection Bureau said the issue, which affected thousands of borrowers, violated the Fair Housing Act and the Equal Credit Opportunity Act. In addition to creating a fund to aid victims, Provident Funding will undergo monitoring and create an additional training program for its employees.
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