3 Signs of Mortgage Discrimination

Even though mortgage discrimination is illegal, there is still a fair share of it that goes on in the industry today. Mortgage discrimination is very discouraging and is done by narrow-minded people that make decisions based on factors that are not important. If you feel that you have been the victim of mortgage discrimination, there are actions that you can take. Reporting this incident to the proper authorities will cause some major problems for the mortgage broker that discriminated against you. Here are a few signs of mortgage discrimination that you should watch out for. 

1. Racial Comments

When you are dealing with a mortgage broker, or loan officer, and race even comes into the conversation, you should begin to wonder if they are discriminating against you. Race should play no part in the lending decision and if it does, the lender has some serious problems. If you hear anything during the process about your race, you might start to wonder whether or not they are discriminating against you. Racial slurs or comments are a great tip-off that they are not treating you fairly. If race even comes into their head at any point, then they are not thinking clearly. They should look at every applicant in the same exact way regardless of the color of their skin. The only difference between two applicants should be their credit score and income level. Other than that, everyone should be treated exactly the same way.

2. Sex Comments

For many years, women were not able to get a mortgage by themselves. Luckily, all of that changed over the years. However, there are still some people that still discriminate against women buying their own homes. If you are a woman, and you feel like someone did not give you a fair shot at a mortgage because you are a woman, then the lender is in serious trouble. Any comments about your sex should not be allowed especially if they are derogatory in nature. Another common form of discrimination against women is sexual harassment. If anyone harasses you during the mortgage loan approval process, you should not hesitate to report them. 

3. Religion

Religion is another area that no one can discriminate against you for. No matter what your religious beliefs, the mortgage lender has to treat you exactly the same. Even if the loan officer disagrees with everything that you believe in they still have to give you a fair shot at the loan. If they make any negative comments about your religion or your beliefs, you need to report them immediately. Their bank or mortgage company could face some serious litigation and fines as a result of this practice. 

Regardless of the reason of discrimination, it will not be tolerated in the mortgage industry. Everyone is entitled a fair shot to get the loan that they need. If you feel you are a victim of any form of discrimination, visit your local state attorney's website for more information on how you can file a complaint. Remember that if they are doing this to you, they are doing it to more people as well.