Fair Lending is the unbiased treatment of all customers when making credit- related decisions. Fair Lending laws ensure that financial institutions provide fair and uniform services and credit decisions. The fair treatment of our current and potential customers is an integral part of our overall commitment to maintaining the highest standards of corporate responsibility. This extends to every aspect of a credit transaction, including not only how we review credit requests, but also our advertising, handling of pre-application inquiries, and mortgage services of the loan.
Procmyloan Inc., is committed to treating all individuals fairly and equitably in the conduct of its mortgage broker lending business in all jurisdictions where it conducts business. This commitment is part of our fundamental mission of providing quality financial services to existing and prospective customers in accordance with all applicable laws. In the United States, this principle is embodied in fair lending laws such as the Equal Credit Opportunity Act, the Fair Housing Act as well as other factors included in state and local laws. These laws require the equitable treatment of all credit applicants without regard to race, sex (including gender), sexual orientation, color, national origin, religion, age, marital status, disability, familial status, the fact that all or part of the applicant’s income derives from public assistance programs or to the fact that the applicant has in good faith exercised any right under the Consumer Credit Protection Act. Denying any person equal access to basic economic opportunities, such as home ownership or credit, is morally repugnant, has no place in our company, and will not be tolerated. Only through the efforts of all of us at Procmyloan Inc., can we ensure that every applicant for credit receives fair and equitable treatment and that we have helped each member of the communities Procmyloan Inc., serves reach his or her fullest potential.
The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the Equal Credit Opportunity Act (ECOA), which prohibits credit discrimination on the basis of:
Age
Color
Sex (including gender, sexual orientation, and gender identity)
Marital status
National origin
Race
Religion
Exercising rights under the Consumer Credit Protection Act
Receipt of public assistance
ECOA prohibits making credit decisions or discouraging applicants, based on any of the factors listed above.
Creditors may ask you for most of this information in certain situations, but they may not use it when deciding whether to give you credit or when setting the terms of your credit. Not everyone who applies for credit gets it or gets the same terms: Factors like income, expenses, debts, and credit history are among the consideration’s lenders use to determine your creditworthiness. The Federal agency that administers compliance with this law concerning Procmyloan Inc, is:
Pennsylvania and 6th Street
Washington, DC 20580
Home Mortgage Disclosure Act Notice
FHA prohibits discrimination in the sale, rental, and financing of property based on:
Handicap / Disability
Familial status (for example, the presence of children in the household)
Sex / Gender
National origin
Race or color
Religion
Sexual orientation, gender identity and marital status are also considered protected groups for housing under rules adopted by the Department of Housing and Urban Development (HUD)
This law prohibits discrimination against qualified individuals with disabilities, ensuring that they have equal access to goods and services offered by private businesses.
This law guarantees equal rights to purchase real estate and personal property to all people, regardless of race.
This law requires financial institutions to report information about the home loans they originate or purchase, as well as applications that don’t result in loans (e.g., an application that’s ultimately denied). They must report this information quarterly and annually to allow the public and federal regulators to determine the institution’s responsiveness to the community's needs. The type of information they must report includes, but is not limited to:
Income
Race
Ethnicity
Gender
Geographic area
Various agencies have the authority to evaluate and/or enforce lenders’ compliance with fair lending requirements:
CFPB (Consumer Financial Protection Bureau)
DOJ (Department of Justice)
FDIC (Federal Deposit Insurance Corporation)
FTC (Federal Trade Commission)
FRB (Federal Reserve Board)
HUD (Department of Housing and Urban Development)
OCC (Office of the Controller of Currency)
Various State Banking Departments
