Are Banks Unfairly Denying Certain Loan Applicants?
(Danbury News Times) — A national consumer coalition plans to file a series of landmark federal fair housing complaints beginning Monday challenging a widespread practice by banks and mortgage lenders: Requiring borrowers who apply for FHA loans to have FICO credit scores well above the 580 minimum score set by the FHA itself for qualified applicants with 3.5 percent down payments. The complaints allege that the higher FICO requirements disproportionately discriminate against African-American and Latino borrowers, many of whom have credit scores above the 580 threshold set by FHA but below the 620 to 660 minimums frequently imposed by private lenders. FICO scores run from 300 to 850, with higher scores correlated with lower future risk of default.
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