Many home loan applications get denied. For blacks, Hispanics, Asians rejection’s higher

Source: Kenneth Harney, Washington Post (Paid Registration)

Surprisingly, large numbers of loan applications don’t make it. About 1 of every 9 loan applications (10.8 percent) to purchase a home — and more than 1 in 4 applications (26.4 percent) for a refinancing — were denied in 2017, according to a new analysis of lender data nationwide conducted by the federal Bureau of Consumer Financial Protection.

But these numbers look dramatically different when you dig down and check out the race and ethnicity of borrowers: Black applicants were rejected at more than double the rate of non-Hispanic white applicants on all types of loans.

Read Full Article: Many home loan applications get denied. For blacks, Hispanics, Asians rejection’s higher

 
 

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