Provident Pays $9M To Settle Discriminatory Lending Suit

Law360, New York (May 28, 2015, 6:25 PM EDT) -- Provident Financial Associates LP, the nation's second-largest private mortgage company, agreed on Thursday to pay $9 million to end a lawsuit brought by the federal government accusing the lender of charging excessive broker fees to black and Hispanic borrowers.

The Consumer Financial Protection Bureau and the U.S. Department of Justice announced the settlement the same day that they filed charges against Provident, which was accused of allowing brokers to impose higher fees on black and Hispanic homeowners than their white counterparts. 

"The law is clear: access to mortgage loans may not be made more difficult because of an applicant's race or...

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