Zillow research released this morning included some good news for minority applicants: Although Hispanic and black homeowners are still lagging behind white and Asian homeowners in the housing recovery, the denial rates for mortgages has decreased nationally.
- The denial rate for 2014 conventional mortgage applications was 7.9 percent, down 0.2 percent from 8.1 percent in 2013.
- For black applicants, the denial rate fell from 17.5 percent in 2013 to 14.6 percent in 2014 -- a 2.9-percent drop.
- For white applicants, the denial rate remained 5.6 percent in 2013 from 5.6 percent in 2014 -- no change.
- For Hispanic applicants, the denial rate fell from 14.0 percent in 2013 to 12.7 percent in 2014 -- a 1.3-percent drop.
- For Asian applicants, the denial rate actually rose to 10.5 percent in 2014 from 9.8 percent in 2014 -- a 0.7-percent increase.
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Inman Connect New York | January 29 - February 1, 2019