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CommentsNAHREP Introduces Code
The National Association of Hispanic Real Estate Professionals (NAHREP) unveiled its Code of Trust guidelines that its members will follow in light of recent data showing that Latinos are more susceptible to predatory lending.A report released by industry and advocacy groups found that Hispanic home buyers in six markets with large Hispanic populations were often steered into mortgages with high interest rates, even though they qualified for more affordable loans.
The report found minority borrowers received loans with higher interest rates or other increased charges in greater percentages than White applicants.
A report on Hispanic mortgage borrowers was released last month by the National Council of La Raza and the NAHREP.
"Too many Latinos have been ignored by some lenders and shuffled into expensive loans by others, even when they have good credit," said Janis Bowdler, senior housing policy analyst with the National Council of La Raza.
As a result of these factors, Hispanics are now shouldering a disproportionate burden in the default and foreclosure rates across the country, NAHREP officials said.
"En Confianza: The NAHREP Code of Trust," urges members to offer a prime loan to any consumer who qualifies for one, educate consumers about the impact of "negative amortization" products and provide consumers with all lending information they need at the beginning of a home purchase.
For more, visit www.nahrep.com.
