Minority buyers still face uphill battle in getting mortgage credit

  • Minority borrowers are still facing higher mortgage denial rates than their white counterparts, according to a Zillow analysis of HMDA data.
  • Denial rates for minority borrowers are especially a problem in: New York and Northern New Jersey, Chicago, Los Angeles and Dallas-Ft. Worth, Texas, Zillow said. The company said minority mortgage denial rates are lowest in San Jose, Calif.; Columbus, Ohio; Sacramento, Calif.; Nashville; and Kansas City, Mo.

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A recent Zillow Group analysis of mortgage access and homeownership rates shows that it is becoming increasingly easier for many Americans to get approved for home loans, but minority borrowers are still facing higher mortgage denial rates than their white counterparts. Zillow’s analysis adds insight into the most recent Home Mortgage Disclosure Act (HMDA) data, released in September, which showed that black, Hispanic and Asian borrowers had notably higher denial rates in 2014 than white borrowers.