Last week’s announcement from the Department of Housing and Urban Development cleared the way for lenders to adopt targeted lending programs, but so far, they are treading carefully.
The pronouncement was more than 40 years coming, and arrived after both the Consumer Financial Protection Bureau and the Federal Housing Finance Agency had publicly weighed in on the issue.
“The pieces are coming together,” said Bob Broeksmit, president of the Mortgage Bankers Association.
Special purpose credit programs allow lenders to target loan products to benefit protected classes without running afoul of fair lending law. There is a details ⇒
BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com