The nation’s largest credit union rejected more than half its Black conventional mortgage applicants | CNN Business
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A major credit union serving military members and veterans rejected more than half of its Black conventional mortgage applicants

A major credit union serving military members and veterans rejected more than half of its Black conventional mortgage applicants

  • krellor@kbin.social
    1·
    1 year ago

    That’s a good point, though the whole thing is weird. I went back and reread the article and this jumped out at me as well:

    By some measures, Navy Federal has been successful at lending to minority borrowers: A fourth of its conventional mortgage applicants are Black, and about 18% of the conventional loans it originated went to Black borrowers – a larger portion than almost any other large lender.

    It feels like they have some biased criteria in their approval process, but would really need the data to show it. They originate a higher percentage of conventional loans to black borrowers, but possibly as an artifact of having more apply.

    One possible reason for the discrepancy with approval rates and income could also be cost of living areas. It would make sense that higher salaries also correlate to more expensive areas.

    It would be nice if they shared their statistical results that they talk about being embedded in their processes to prevent bias so we could see what they are keying off of.