The Fair Housing Act (Title VIII of the Civil Rights Act of 1968) was signed 50 years ago. The Act “prohibits discrimination in the sale, rental and financing of residential dwellings, and in other residential real estate related transactions, based on race, color, national origin, religion, sex, familial status (defined as families with children under the age of 18 living with parents or legal custodians, pregnant women, or people in the process of securing the custody of children under the age of 18), and disability.”
The Fair Housing Act and Fair Lending Act are central to the American Association of Private Lenders’ Code of Ethics, so in honor of its milestone anniversary, we will talk this month with our members to learn how they keep themselves accountable to the standard of fair and equal lending practices. We will also talk with borrowers to hear stories about their experiences with securing mortgages. It is important to talk with both lenders and borrowers, so we can uncover any unconscious biases and learn how to continually do better. AAPL recognizes the importance of continued vigilance, education, awareness and strict adherence to this important legislation so our members do not slip into any kind of lending discrimination.
We will provide a link at the bottom of this post to HUD’s Fair Lending Guide and encourage our members to revisit it. Throughout April, check back here to learn what your peers are doing to support and uphold the law through their internal processes. We encourage you to be part of the dialogue. If you have insight or processes you would like to share with us, please contact Chrissey Breault.
In the meantime, here is HUD’s Fair Lending Guide to learn the facts:
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