OCR Register, August 3, 2021, Report: Lenders again are targeting veterans with predatory home loans
For years, active-duty military and veterans looking to buy or refinance a home were the targets of unfair lending schemes, ranging from pricey fees and high interest rates to unfavorable refinancing plans — a practice that was the focus of federal lending reforms in 2018.
“Since large banks have chosen not to make VA loans, veterans have only a small number of lenders from which to choose,” said Jason Richardson, director of Research and Evaluation at the National Community Reinvestment Coalition
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, a nonprofit that tracks lending practices in traditionally underserved communities.
