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According to the complaint, Connolly and Mott are Black professors at Johns Hopkins University who applied to loanDepot.com to refinance the mortgage on their four-bedroom home in Homeland, Maryland, a predominantly White Baltimore neighborhood.
Lanham's company, 20/20 Valuations, performed the appraisal for loanDepot and returned a valuation that was more than $75,000 below the conservative estimate of valuation which loanDepot had given the couple, according to the lawsuit.
LoanDepot denied the couple the mortgage refinance because of the low valuation, according to the complaint.
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"Plaintiffs were shocked at the appraisal and recognized that the low valuation was because of racial discrimination.
They told this to their loanDepot loan officer and challenged the appraisal in a detailed letter," the suit reads. »