Urban Institute: Mortgage denials for black borrowers worse than thought

Racial differences in mortgage denials over the housing cycle: Evidence from U.S. metropolitan areas. We explore differences in mortgage denials between Black and White applicants.. Black borrowers are denied more frequently than White borrowers, but this difference in denial rates.

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Few factors affect the mortgage lending process as much as a borrower’s credit score. Mortgage bankers and their Wall Street counterparts have long relied on the FICO score to judge the credit.

Detroit, MI: Field Hearing on Credit Reporting "We thought. Urban Institute found large disparities between the homeownership rates of black families and white families in all 100 of the cities with the largest black populations, pushing the.

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Black Home Buyers Denied Mortgages More Than Twice As Often As Whites, Report Finds- Rebranded Black and Hispanic homebuyers are significantly more likely to get turned down for a conventional mortgage loan, according to new data.

The mortgage application denial rate, which is calculated from Home. composition of borrowers along with how loose or tight credit standards are. Higher. Then, for loans originated at any given time, their expected default risk. According to HMDA data, blacks submitted 826,808 mortgage applications in 2006, of which.

Today, it’s the newest playground of the urban. mortgage borrowers would be at risk of losing their homes. The increase in Black home ownership in the early 2000s was, indeed, a product of the era.

Reinforcing concerns of a too-tight credit market, a new measure of mortgage application denials suggests getting a loan might be even tougher for lower-credit borrowers than previously thought.

The University of Minnesota’s Institute on Race and Poverty used Home mortgage disclosure act data from 2004 to 2006 to conclude that even higher-income minorities were denied loans at a higher rate.

MBA: New home purchase apps fall 8% Last week the NAR said that existing home sales increased 3.2% in June, to a seasonally adjusted and annualized sales rate of 5.49 million units; the association said it was the highest sales pace in more than eight years. However, Commerce Department also reported last week that new home sales dropping sharply last month, falling by 6.8%.

A recent study by the Urban Institute computed the black-white homeownership gap in the nation’s 100 metro areas with the largest black populations and found that not one has a black.