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Consumer Law Keyed to Pridgen, 5th Ed.
Ramirez v. GreenPoint Mortgage Funding, Inc.
Citation:
268 F.R.D. 627 (2010)Facts
Plaintiffs Ana and Ismael Ramirez and Jorge Salazar each obtained wholesale mortgage loans from GreenPoint through independent mortgage brokers between 2004 and 2007. GreenPoint’s pricing system consisted of objective risk-based par rates and a discretionary component allowing brokers to charge rates above par and receive yield spread premiums. GreenPoint authorized tens of thousands of brokers and originated approximately ninety-three percent of its loans through the wholesale channel, making it the fifth largest wholesale mortgage originator in the United States. Plaintiffs alleged that GreenPoint’s discretionary pricing policy resulted in minority borrowers receiving less favorable loan pricing than similarly situated white borrowers. Expert analysis of GreenPoint’s mortgage data showed that African-American borrowers’ APRs were 9.4 basis points higher and Hispanic borrowers’ APRs were 7.6 basis points higher than similarly situated white borrowers, even after controlling for legitimate underwriting characteristics.
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