Navy Federal Reject Black Applicants: The REAL reason

Опубликовано: 15 Январь 2025
на канале: The Mortgage Bawse

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Lets talk about exactly why these people may have REALLY been declined. I don't want to change your mind but I'd like to enhance the knowledge you have about the lending process behind the scenes and provide context. This conversation is for open minded intellectuals with a high EQ. EVERYTHING is based in facts not feelings.

The largest credit union in the US has the widest disparity in mortgage approval rates between White and Black borrowers of any major lender, a trend that reached new heights last year, a CNN analysis found.

Navy Federal Credit Union, which lends to military servicemembers and veterans, approved more than 75% of the White borrowers who applied for a new conventional home purchase mortgage in 2022, according to the most recent data available from the Consumer Financial Protection Bureau. But less than 50% of Black borrowers who applied for the same type of loan were approved.

While many banks also approved White applicants at higher rates than Black borrowers, the nearly 29-percentage-point gap in Navy Federal’s approval rates was the widest of any of the 50 lenders that originated the most mortgage loans last year.

Joycelyn Bailey, AMP
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