Trevana Properties
  • Home
  • Business Financial Suite
    • Business Credit Building
    • Frequently Asked Questions
    • Coaching
    • Testimonials
    • About Us
    • Privacy Policy
  • Specialty Products
    • Fix & Flip Financing
    • Small Balance Commercial Loans
    • Subprime SBA Financing
    • Business Marketing
    • Business Revenue Financing
    • Private Equity Financing
    • Multi-Family
    • Church Financing
    • Truck Financing
    • Book of Business Financing
  • Business Credit & Funding
    • Prequalification Form
  • Financial Products
    • Business Financing
    • Commercial Bridge Financing
  • About
    • Contact
    • Testimonials
    • Business Financial Suite Videos



Broker and bank hammered by HUD for discrimination

8/26/2013

0 Comments

 
 by Ryan Smith | 23 Aug 2013

A major bank and an Ohio mortgage broker are being charged with discriminating against a couple with disabilities, according to the Department of Housing and Urban Development.

HUD announced Thursday that it was charging Fifth Third Bank and the Clinton Township, Ohio-based Cranbrook Mortgage Corporation with discrimination against a couple who were trying to refinance their home. HUD alleges that the bank and the mortgage firm required unnecessary medical documentation when the couple applied for a Federal Housing Administration loan.

According to a Thursday news release, a couple who received Social Security disability benefits filed a claim that their loan application had been wrongly denied. HUD alleges that both Fifth Third and Cranbrook required the couple to provide physician’s statements as proof of their Social Security income. According to HUD, at the time the couple applied for the loan, “Fifth Third’s underwriting policy explicitly specified a physician’s statement as appropriate evidence for establishing continuance of disability income.” The couple refused to provide the statements and was denied the loan.

According to the Fair Housing Act, lenders may verify the amount and source of an applicant’s income, but can’t place higher standards of proof or qualification on those who receive disability benefits.

“Persons with disabilities should not have to meet higher mortgage qualification standards because they rely on disability insurance payments as a source of income,” said Bryan Greene, HUD’s Acting Assistant Secretary for Fair Housing and Equal Opportunity.  “Banks and mortgage companies may verify income and have eligibility standards, but they may not single out homebuyers with disabilities or deny financing when they are otherwise qualified.”

The charge will be heard by a U.S. administrative law judge, provided no party in the case requests a hearing in federal district court, according to HUD. If an administrative law judge finds that discrimination has occurred, he or she may award damages and order other relief, including injunctive relief and payment of attorneys’ fees.  If the case goes before a federal court, punitive damages may also be awarded.

0 Comments



Leave a Reply.

    Dan Garcia

    Trevana Properties is a placement company working with a variety of hedge funds, REIT's, commercial banks, specialty boutique lenders, private investors and other funding sources not widely known to the general public.

    Real Estate News
    Zillow

    Archives

    November 2016
    October 2016
    September 2016
    July 2016
    June 2016
    May 2016
    April 2016
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    October 2013
    September 2013
    August 2013
    July 2013
    June 2013
    May 2013
    April 2013
    March 2013

    Categories

    All
    Business Credit
    Hedge Funds
    Mortgage News

    RSS Feed

Find Us On The Web

Search This Site

​Resources

Zillow

Contact Us

(815) 630-5246 Office
(815) 886-9024 Cell
dan@trevanaproperties.com
    Enter your phone number (555) 555-5555
Submit



Website by MediaCor
Photo by Pedro Lastra on Unsplash
Picture
Photo used under Creative Commons from shioshvili
  • Home
  • Business Financial Suite
    • Business Credit Building
    • Frequently Asked Questions
    • Coaching
    • Testimonials
    • About Us
    • Privacy Policy
  • Specialty Products
    • Fix & Flip Financing
    • Small Balance Commercial Loans
    • Subprime SBA Financing
    • Business Marketing
    • Business Revenue Financing
    • Private Equity Financing
    • Multi-Family
    • Church Financing
    • Truck Financing
    • Book of Business Financing
  • Business Credit & Funding
    • Prequalification Form
  • Financial Products
    • Business Financing
    • Commercial Bridge Financing
  • About
    • Contact
    • Testimonials
    • Business Financial Suite Videos