The Mortgage Firm's settlement of $1.5 million addresses allegations of redlining, reflecting the company's underperformance in serving predominantly Black and Hispanic neighborhoods in Florida.
The DOJ's complaint highlighted how The Mortgage Firm received only 30.4% of its mortgage applications from majority-Black and majority-Hispanic neighborhoods, compared to the 59% share of its peers.
Kristen Clarke from the DOJ emphasized that with non-depository institutions originating more loans, there is an increased obligation to comply with laws prohibiting discriminatory practices like redlining.
Despite the allegations, The Mortgage Firm maintains that its long history demonstrates a commitment to equal credit access, citing the lack of previous legal or regulatory violations.
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