Testing of Local Lenders Points to Discrimination
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| Natick-based Middlesex Savings Bank is one of the state’s lenders striving to promote equal treatment of loan applicants by regularly training its employees and putting each application through a second review before it can be denied. |
By Andrea Gregory
A black woman recently visited a Boston-area bank, seeking a mortgage. She was told her credit score of 670 was below average and the closing fee would be $8,000 to $9,000. When the woman still appeared interested, the bank representative told her the institution mainly focused on commercial lending, and residential mortgages weren’t really its specialty.
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