Press release from NY Attorney General Cuomo's Office is HERE.
From press release: [Emphasis Added]:
"In the first law enforcement action of its kind in New York State, two mortgage brokerage companies – HCI Mortgage and Consumer One Mortgage – will collectively pay $665,000 in restitution to approximately 455 Black and Latino borrowers who were illegally charged higher fees than similarly-situated White borrowers. The companies collectively operate more than 20 branches throughout New York State......"
"The Attorney General’s investigation found that Latino borrowers who received a single home mortgage loan through HCI Mortgage paid on average 55 percent more in fees, or about $2680, than White customers. African-American borrowers who received a single home mortgage loan were charged about 46 percent more in fees than White customers, or $2260.
These disparities could not be explained by borrower, property, or loan characteristics that might impact the amount of time HCI Mortgage or Consumer One took to arrange loans, such as the borrower’s credit score or the loan amount."
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