CA Marijuana Vote Attracting Lender Notice; Credit Unions’ Mortgage Biz Exploding

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Posted To: Pipeline Press

Loan officers are very interested in guidance on things like Disparate Treatment and Disparate Impact. What would happen if an originator offered a discounted commission structure to one person and not another – is that a violation? What if real estate agents did that ? If a lender can’t do that but a real estate can do it, is that a “double standard?” Are consumers impacted? This November Californians will vote on Proposition 64, basically legalizing marijuana use. (California already allows medical marijuana.) Will other states be “under the influence” of California? It is worth thinking about since California has the largest mortgage market, and at nearly 40 million people has over 10% of the nation’s population. Although marijuana is legal with several states at the state level, it is not…(read more)

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