June is pride month! We are pleased to take this time to celebrate and honor the LGBTQIA+ community by breaking down the characteristics and importance of The Fair Housing Act.

The Fair Housing Act

According to the U.S Department of Housing & Labor, The Fair Housing Act protects people from discrimination when they are renting or buying a home, getting a mortgage, seeking housing assistance, or engaging in other housing-related activities. This act protects the following classes against housing discrimination:

  • Race
  • Color
  • National Origin
  • Religion
  • Sex (Including gender identity & sexual orientation)
  • Familial Status
  • Disability

Lending Discrimination

The Fair Housing Act prohibits discrimination when securing a loan by residential real estate or that are for the purchasing, constructing, improving, repairing, or maintaining a dwelling. This includes mortgages, refinancing, home equity loans and home improvement loans. Furthermore, it’s crucial to know and understand your rights to ensure you do not experience Lending Discrimination during the mortgage process. Here are a few examples of lending discrimination to keep an eye out for!

  • Denying a mortgage or charging a higher interest rate because the property is located in a majority-minority neighborhood.
  • Providing a different customer service experience to mortgage applicants depending on their race, color, religion, sex (including gender, gender identity, sexual orientation, and sexual harassment), familial status, national origin or disability.
  • Refusing to consider a mortgage applicant’s disability-related income, such as SSI or SSDI.
  • Steering a borrower to a loan with less favorable terms because of his or her race, color, religion, sex (including gender, gender identity, sexual orientation, and sexual harassment), familial status, national origin or disability.
  • Targeting a minority community for fraudulent home loan modification assistance.
  • Refusing to provide mortgages to a person on parental leave.

Filing a Complaint

If you believe that you have experienced Lending Discrimination, you can file a complaint with the FHEO. The FHEO investigates complaints, which may be one or both of the following types:

  • Discrimination under the Fair Housing Act (including housing that is privately owned and operated).
  • Discrimination and other civil rights violations in housing and community development programs, including those funded by HUD

Equal Housing Opportunity

The objective of the Equal Housing Opportunity program is to support fair housing throughout the United States and provide and administer an enforcement system that is subject to judicial review. Look for the logo to ensure you are working with a certified lender that is operating to provide equal housing opportunities!

Everyone deserves to be treated fairly when purchasing or refinancing their home, which is why Direct Mortgage Loans is proud to provide Equal Opportunity Housing to all of our clients. Ready to work with a lender who will care for your needs?

Contact one of our Loan Officers today!