It's been 51 years since the U.S. Congress passed the Fair Housing Act and six since the Defense of Marriage Act was overturned by the Supreme Court. However, the Fair Housing Act doesn't include specific language for sexual orientation or gender identity in its protections.
The Equality Act, which is under consideration by the Congress, would add that language to civil rights laws nationwide. The act passed the House of Representatives in May and now awaits action by the Senate.
Demonstrator Carlos McKnight, from Washington, D.C., waves a rainbow flag outside the U.S. Supreme Court in Washington, D.C., U.S., on Friday, June 26, 2015. The high court will decide by the end of the month whether the Constitution gives gays the right to marry. The court's actions until now have suggested that a majority of the nine justices will vote to legalize same-sex weddings nationwide. Photographer: Andrew Harrer/Bloomberg *** Local Caption *** Carlos McKnight
Andrew Harrer/Bloomberg
Many in the mortgage industry support the bill, with Better.com as the latest to voice its endorsement. Better is part of a growing trend, joining the likes of Compass, Exp Realty, NAR, Realogy, Redfin and Remax, among others. The company is also joining the Human Rights Commission's wider business coalition, advocating for the legislation.
"Better.com pledges full and formal support for the Equality Act because the current status quo is unjust," Vishal Garg, founder and CEO, said in a press release. "Every human being — regardless of race, creed, sexual orientation or socioeconomic standing — deserves a fair shot at the American dream of owning a home."
Same-sex couples are 73.12% more likely to be denied from getting a mortgage based on data spanning 1990 to 2015, according to the Proceedings of the National Academy of Sciences. That higher likelihood of loan denial helps explain why LBGTQ+ homeownership sits 16% lower than the national average, according to a report by the National Association of Gay and Lesbian Real Estate Professionals and Freddie Mac.
"To know that even in 2019, there is a marginalized community without formal protected laws is unconscionable," Garg said. "The entire reason Better.com was created was to prevent this kind of discrimination in housing through technology. We stand behind all communities and support them as they pursue homeownership."
Consumer Financial Protection Bureau Director Rohit Chopra said the FICO credit-scoring model has drawbacks in price, predictiveness and market competition, and stakeholders should develop a more open-sourced model that uses artificial intelligence.
Smaller players face challenges when it comes to mortgage servicing rights, and larger ones have varying motivations, experts at an industry meeting say.
The 30-year fixed rate mortgage average resumed its climb that started in September, as the benchmark 10-year Treasury price still reflects views on inflation.
Fannie Mae's latest economic forecast no longer expects mortgage rates to go below 6% next year, and that is affecting its views on loan origination volume.
Amid steady customer growth, USAA's banking arm failed to make the investments necessary to satisfy either its regulators or some decades-long customers. Changes in the executive suite haven't fixed the problems.
