A nonbank mortgage lender with offices in 5 states will pay a $1.5 million fine and be banned from residential mortgage lending for 5 years as a result of discriminatory lending practices.
Illinois-based Draper and Kramer Mortgage will pay the fine to settle claims by the Consumer Financial Protection Bureau (CFPB) that its practices resulted in discrimination against Black and Hispanic home buyers. Specifically, the CFPB alleges that Draper’s office locations and marketing practices discouraged minority borrowers. Additionally, Draper’s loan officers actively discouraged homebuyers from purchasing homes in majority Black and Hispanic neighborhoods.
“Draper illegally excluded homeowners and engaged in redlining across the Chicago and Boston metro areas,” said CFPB Director Rohit Chopra. “Today’s order bans Draper from mortgage lending for five years and ensures that the company pays for its unlawful discrimination.”
Draper received applications and originated mortgage loans across the United States, including in Illinois, Indiana, Massachusetts, New Hampshire, and Wisconsin.
Should you be experiencing discrimination at your workplace or subjected to unequal treatment under the credit laws based on your race, gender, national origin, disability, or age contact the Law Offices of Renee Lazar at 978-844-4095 to schedule a FREE one hour no obligation consultation to discuss your situation.
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