Fair Lending Statement
Civic Financial Services, LLC (CIVIC) makes its loan products available to all qualified applicants without discrimination on the basis of race, color, religion, sex, national origin, marital or familial status, age, handicap, receipt of public assistance, or good faith exercise of rights under the Federal Consumer Protection Act. CIVIC will not discourage the completion or submission of an application for credit by any applicant on any of the prohibited bases.
CIVIC treats all customers consistently and fairly and in compliance with fair lending laws. Our employees will offer assistance, encouragement and service in a fair, equitable and consistent manner. We will also communicate our fair lending policy to all of our brokers and correspondents.
CIVIC complies with all fair lending laws and regulations including the Equal Credit Opportunity Act (ECOA), the Home Mortgage Disclosure Act (HMDA), the Fair Credit Reporting Act (FCRA), the Fair Housing Act and the Americans with Disabilities Act (ADA). A summary of each of these Fair Lending Laws is provided below.
Regulation B, The Equal Credit Opportunity Act (ECOA)
The Equal Credit Opportunity Act (ECOA), is implemented by Regulation B and prohibits discrimination in any aspect of a credit transaction. It applies to any extension of credit, including residential real estate lending and extensions of credit to small businesses, corporations, partnerships, and trusts. The ECOA prohibits discrimination based on race or color, religion, national origin, sex, marital status, age, or the applicants receipt of income derived from any public assistance program. Additionally, a lender is obligated to notify a borrower of its intentions concerning a loan within a specified period of time, usually thirty days, after a loan application has been received. If there are adverse actions from the lender, the borrower is entitled to a written statement as to why the action was taken. An adverse action is in the form of a denial, revocation of credit, a refusal of credit or a change in terms of an existing credit arrangement or other status.
ECOA also contains a Valuations Rule requiring creditors to disclose to applicants that they have the right to receive copies of appraisals and written valuations. Under the rule, a creditor must automatically send a copy of home appraisals and other written valuations promptly after completion of the reports and regardless of whether credit is extended or an application is denied, withdrawn or incomplete.
The Home Mortgage Disclosure Act (HMDA)
HMDA was originally enacted by Congress in 1975 and is implemented by Regulation C. The Home Mortgage Disclosure Act (HMDA) requires financial institutions to maintain, report, and publicly disclose loan-level information about mortgages. These data points help give public officials information that helps them make decisions and policies; and they shed light on lending patterns that could be discriminatory. The public data points are modified to protect applicant and borrower privacy. For more information, visit the Consumer Financial Protection Bureau's Web site here.
Regulation V, The Fair Credit Reporting Act (FCRA)
The Fair Credit Reporting Act (FCRA) is a consumer protection law that regulates obtaining and using information from credit reporting agencies. The FCRA requires permissible purpose to access records and includes a requirement for users of information contained in credit reports to notify the consumer when an adverse action is taken on the basis of such reports.
The Fair Housing Act
The Fair Housing Act prohibits discrimination in all aspects of residential real-estate related transactions, including but not limited to, making loans to buy, build, repair or improve a dwelling, purchasing real estate loans, selling, brokering or appraising residential real estate, and selling or renting a dwelling. The Fair Housing Act prohibits discrimination in housing because of race, color, national origin, religion, sex, familial state, or disability.
Americans With Disabilities Act (ADA)
The Americans with Disabilities Act (ADA) prohibits discrimination against individuals with disabilities and ensures that they have equal access to goods and services offered by private businesses.