As the home buying industry continues to confront racial inequities across the sector, watchdog group the Markup has found some startling disparities when it comes to mortgages.
According to the Markup, Black applicants were 80 percent more likely to be denied conventional mortgages by Fannie Mae and Freddie Mac compared to similarly qualified white applicants, as reported by Inman. The similar qualifications took into account debt-to-income and loan-to-value ratios.
The group examined 2.4 million purchase loan applications from 2019, and also found that Latino homebuyers were 40 percent more likely to be rejected, and Asian/Pacific Islanders were turned down 50 percent more often than white applicants.
The chances that Native American homebuyers would be turned down were 70 percent higher than for white homebuyers.
Additionally, the Markup found racial disparities in 89 metropolitan areas including Los Angeles, Chicago, New York, Houston, Atlanta, Dallas, Phoenix, Minneapolis and Washington, D.C.
For more on the report, head over to Inman by clicking here.