Mortgage Lenders News

Banks unfairly deny mortgages to African-Americans and Latinos – report

Numerous surveys have asked African Americans and other racial minorities. Further, the frequency with which discrimination is reported does not decline. of audits measuring housing discrimination against blacks, Latinos, Bank of Boston's study of racial discrimination in mortgage lending; Econ.

Philadelphia – Jonathan Jacobs had almost no savings, a modest income and a credit report. Mortgage Disclosure Act and found 61 metro areas across America where people of color – African Americans,

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Among subprime borrowers with similar credit ratings, blacks and. A spokesman for the mortgage banking industry challenged the conclusion, saying the report did. the practice of denying mortgages in certain minority neighborhoods. said brokers fully disclosed all fees and were unfairly castigated for.

Why Blacks and Hispanics Have Such Expensive Mortgages.. Because banks and other lenders direct these groups toward high-risk, high-priced products. The result is, in part, that blacks and.

Hispanic mortgage applicants were denied loans at twice the rate of non-Hispanic white applicants in 2013 (22% vs. 11% denial rates), and in the same year, Latinos accounted for only 7.3% of purchase mortgages, even though they make up 17% of the U.S. population, according to the report. (The report uses Hispanic and Latino interchangeably.)

Our vision is a consumer finance marketplace that works for American consumers , responsible. bank illegally denied black and hispanic neighborhoods fair. The bank located branches and loan officers, selected mortgage. credit, neighborhoods deteriorate in the long shadow cast by unfair lending.

The analysis found African Americans were 2.7 times as likely to be denied a conventional. Reveal’s data to report that Latinos in the Golden State were being left behind by banks and other lenders.

Across America, nearly two-thirds of mortgage lenders denied home loans for people of color at higher rates than for white people. But among the 6,600 U.S. lenders, some banks stood out for.

Of the 296,757 home purchase loans issued in California, 48.5 percent went to white homebuyers, according to the report. Latinos got 21.2 percent of the home loans issued, and African-Americans secured just 3 percent despite making up about 6 percent of the state’s population.

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In the year 2015, over 6 million home purchase mortgages were realized, yet a mere 51,202 (2.7%) were done through conventional loans directed to Black home buyers. From the same category, non-Hispanic Whites accounted for 1.36 million conventional loans, while Latinos accounted for 96,975.