Report Finds That Navy Federal Denied More Than 50% Of Black Mortgage Applicants, Even I They Made More Money Than Approved White Applicants
The largest credit union in the US is being called out for the disparity between white and black mortgage loan approvals.
According to a report by CNN, the findings showed that Navy Federal Credit Union denied more than half of its Black applicants for conventional home purchase mortgages in 2022.
Despite the report stating that Black applicants to Navy Federal were more than twice as likely to be denied as white applicants, NFC claims that CNN’s report didn’t accurately reflect” the credit union’s lending practices, because it neglected “major criteria” used to evaluate borrower risk like credit scores, available cash deposits, and relationship history with the lender.
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What’s interesting about NFC’s statement is that even when borrowers qualifications matched white borrowers, they were still denied. Navy Federal approved more white borrowers who made less than $62K than Black borrowers who made over $140K.
According to CNN, Black applicants whose applications were rejected by Navy Federal were denied financing because of their “credit history.”
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