AI is helping Latinos get on the property ladder. Latinos often face several barriers when trying to buy a home, such as meeting loan officers who don’t speak Spanish and not being able to fully understand what is being explained to them by loan officers. Federal housing agencies have started to switch to English-only services as part of President Donald Trump’s plan to make English the official language of the United States, according to The Seattle Times. The use of bilingual AI may help Latinos and other underrepresented communities during
In a historical move, Lakeland Bank has been ordered to pay a $13 million settlement fee to Black and Hispanic residents. According to NJ.com, Lakeland Bank was ordered by the Justice Department to pay Black and Hispanic borrowers back after it was revealed they conducted discriminatory practices to deprive them of purchasing their first home. According to U.S. Attorney Phillip Sellinger, Lakeland Bank accepted almost five times fewer Black and Hispanic applicants than its competitors. “Lakeland avoided serving the credit needs of borrowers in majority Black and Hispanic census tracts in
American bank, Wells Fargo, is set to retreat from the mortgage business after years of scandals that have plagued the bank’s reputation. According to Bloomberg, the company plans on pulling back its mortgage business. The decision will reduce the bank’s ties to outside mortgage firms, which helped them generate $205 billion in new home loans last year. The demand for mortgages drastically falling is another reason the mortgage giant, Wells Fargo, has decided to step away from the industry it once dominated. “Like others in the industry, we’re evaluating the size
