The Mystery Shoppers Shop More Than Just Lenders!
Thanks to Paul Lubin for sharing this update regarding a discrimination suit that has been brought against a real estate company. Mystery shoppers tested the real estate agents and based on that testing filed suit.
Make sure you are mystery shopping your own front line to ensure that those inquiring into your services are treated fairly.
To read the Details CLICK HERE!
State Attorneys are Serious About “Trade Areas” & Redlining!
It’s not just the national regulators like the CFPB that a lender needs to be concerned about. The State’s Attorney office has an opinion on “trade areas” and redlining as well. In New York, a bank recently settled a suit on this topic, but in this settlement contains many lessons for all of us in compliance.
In mortgage lending, be sure to check your MSA diversity regularly for “holes” in production. If it looks like you are doing business in predominantly “well-served” markets and little to no production in “under-served markets” of the MSA’s that you do business in, this may lead your company to big issues.
Historically mortgage lenders didn’t worry about this type of analysis, but now it is a real issue that each compliance department should be evaluating and addressed!
To Read the Settlement CLICK HERE!