Top Class Actions’s website and social media posts use affiliate links. If you make a purchase using such links, we may receive a commission, but it will not result in any additional charges to you. Please review our Affiliate Link Disclosure for more information.
Wintrust Mortgage Loan Discrimination Class Action Lawsuit Overview:
- Who: Kathleen Bankhead filed a class action lawsuit against Wintrust Financial Corporation and its subsidiary Barrington Bank & Trust Co., N.A.
- Why: Bankhead claims Wintrust systematically discriminates against Black and/or African American prospective mortgage loan borrowers.
- Where: The class action lawsuit was filed in Illinois federal court.
Wintrust Financial Corp. and one of its subsidiaries allegedly systematically subject Black and African American mortgage loan borrowers to racial discrimination.
Plaintiff Kathleen Bankhead, an African American woman, claims Wintrust engages in racial and reverse redlining by disproportionately denying mortgage loan opportunities to prospective Black and African American borrowers and giving them less-favorable terms on loans.
“Wintrust applies residential mortgage policies and practices that intentionally and disproportionately discriminate against and harm Black and/or African American customers,” the Wintrust class action states.
Bankhead argues that, due its policies, Wintrust ends up approving white applicants for mortgage loans at a “substantially higher” rate than Black or African American applicants.
Wintrust Class Action Alleges Denial of Black Mortgage Loan Applicants Not ‘Random’
In 2020, Wintrust approved around 73% of white borrowers for mortgage loans compared to only 59.5% of Black and African American applicants, according to the Wintrust class action.
Further, Bankhead claims Wintrust outright denied 12% of Black or African American mortgage loan applicants in 2020 compared only 5.5% of white applicants.
The disparities are “statistically significant,” meaning there is “a level of confidence that random chance did not cause the disparity,” according to the Wintrust class action.
Wintrust also imposes a “significantly higher cost of lending” and higher interest rates for approved Black or African American borrowers, the Wintrust class action alleges.
Bankhead claims Wintrust is guilty of fraudulent inducement and breach of contract and in violation of The Fair Housing Act of 1968, the Equal Credit Opportunity Act, 42 U.S.C. § 1982 and 42 U.S.C. § 1981.
Bankhead wants to represent a nationwide class of Black and/or African Americans who applied for and/or received credit from Wintrust or Wintrust Mortgage on residential real estate.
Plaintiff is demanding a jury trial and requesting injunctive and declaratory relief along with compensatory and punitive damages for herself and all class members.
A separate class action lawsuit was filed earlier this month against mortgage lender American Financial Resources over claims the company failed to adequately safeguard its customers data from a 2021 data breach.
Are you a Black and/or African American who has been denied a mortgage loan by Wintrust? Let us know in the comments.
The plaintiff is represented by Linda D. Friedman, Suzanne E. Bish and George Robot of Stowell & Friedman, LTD.
The Wintrust Mortgage Loan Discrimination Class Action Lawsuit is Bankhead v. Wintrust Financial Corp., et al., Case No. 1:22-cv-02759, in the U.S. District Court for the Northern District of Illinois.
Don’t Miss Out!
Check out our list of Class Action Lawsuits and Class Action Settlements you may qualify to join!
Read About More Class Action Lawsuits & Class Action Settlements:
4 thoughts onWintrust Class Action Alleges Racial Discrimination Against Mortgage Loan Borrowers
During March of 2020 I entered into a trail modification loan with Wintrust Mortgage to lower my payments. I am a disabled veteran with tax exemption status. The trail was for me to pay $1100 for three months (April-May); July I did not have to pay) and than I would start at lower monthly payment (I was paying $1168 for my mortgage). The Lower payment started in August. The first payment was to be $988 according to my paperwork. So I made it but I was told I had to pay an additional $104 a month . So I started paying $1098 a month.( I was only paying a difference of about $67/68. I was tricked and bamboozled). This modification turn into a living nightmare bc in October/ November 2021 they started taxing me an payments started ballooning and I just kept paying the $1098. It was a huge struggle and I fell behind. The payments was more than the original payment when I 1st brought the home. The payment was $1500 and the tax exemption brought it down to $1168. The payments at one point exceeded $1700 a month. Now it is over $1300. and I am still being taxed. They also passed me off to another division of Wintrust Mortgage, which is Mr. Cooper (2022) who received a government payment to assist me but I am still being charged more than before when I 1st purchased the home. They also altered my end of the year tax statements at tax time to reflect no tax billing. I had to bring in my end of the year monthly billing statement to show my tax preparer that they were taxing me. The month after January ( February) I received a monthly billing statement with taxes owed. My house is in jeopardy and I am currently in forbearance. I’m lost and they prey on the desperate and I believe minorities as well. My credit was really messed up after this. They are the devil but I hope others do not have to experience these nightmares. It seems we just can’t win but I will keep the faith that it will turn around for all.
I would like justice just 1 time. I also have been summoned to court by creditors during covid and we paid them. I still have bill collectors calling and letters in the mail every day.
I am disabled and Wintrust Mortgage has financially abused and neglected my civil rights as a mentally and physically disabled elderly adult. They have added 30000.00 to my mortgage due to their repeated requests for more documentation over and over. It has caused more emotional trauma. This is not the first time I have had my rights violated in florida. I was a microbiologist and a hair stylist and I have been fired from every job due to my disability and work slow, I have been fired at least 15x here in Florida. I have been fired for stupid things that other people have gotten away with. My last job fired me right after I had to have 3 knee surgeries in 2019. My supervisor called me when I was on FDLE to see how soon I could come back. That was probably the cause of my knee replacement resulting with 4 more surgeries. 2 were this year while wintrust just keeps on tormenting me. I have spent weeks not even getting out of bed to brush my teeth or brush my hair due to the trauma of losing my home. I would like to join the lawsuit. I have filed a complaint with consumer afairs and the OCC but they are doing anything and mentally I dont have any fight left. This has been a lifelong disability and now I have PTSD
Wintrust has altered my credit report 2 times in the last week. 2more times in the past six months.3 days ago my credit was. Finally showing that we said we applied in November 2019 for a modification but after multiple requests for paperwork we already sent. Now my credit report says we were late 4 months behind because of their financial neglect and abuse and exploitation of elderly disabled person. The law says I have to be 65 days late for it to be invalid to claim for financial neglect, abuse and exploitation of elderly disabled. I have had to have a knee revision December 29th 2021 and no knee for 4months and had to have IV for six and rushed to the er and he was working through an agency at Melbourne and Airport. He was not aware because of no benefits and no one told him he was eligible for fmla. The big boss said I understand and you do what you need for your wife. The big boss director left and the supervisor told him if he more time it had to be advance notice. Getting covid from the same supervisor that wanted advance notice, The 3 day after he returned we had our bank account compromised and they said they closed it. We both had to be at the bank for auto pay. He was called by a coworker while we at the bank and got a heads up that he was going to be fired for absenteeism when nobody told him that he was eligible for fmla not the agency or the airport. He was denied unemployment and we are paying a lawyer to keep our house my mental state is off the charts!! 1389.00 a month we have had to charge it to are 300.00 limits on bills. I have called every number in the government for 3 weeks and refer me to number that gives me another number!!! I have been up for days realizing what I have learned. A disabled elderly person with severe anxiety just because of finding out how many times my civil rights violated for my disability I’ve had since childhood. Back in the 60s it was just considered “slow”. I learn by hearing I thought I was just stupid. I didn’t know I was actually smart in my late 20s because getting my GED and graduated from college as a laboratory tech. Nobody ever made accommodations for mw and 2 suicide attempts while I was employed by the hospital I was working for in 96. I was always stressed because no overtime allowed. Everyone new I had a mental disability. I’ve been traumatized by finding out that I took all the abuse and made my mental disability even worse. Now at 64 physically disabled mentally having 2 nervous breakdowns in 2 months and all the years I suffered because I didn’t know I had any rights. Now it’s too late for me but firing my husband and the DEO also loosing paperwork and the agency is trying to fight this. Furthermore Wintrust has sent us a new trial plan but didn’t disclose what the payment amount was but it would be due 11-1-2022. I get notifications from credit report changes that is how I find out its the same amount that we rejected on August 30th. I know I am rambling but that is state of mind and being victimized for all this time and the system in FLORIDA MAKES IT SO EASY TO VIOLATE FOR A BUSINESS TO FIRE ME FOR MY DISABILITY, but given the right to fire me for something that someone would not have been fired. I’m going to send letters longer than this to every Government Agency there is.