People applying for home loans, especially blacks and Hispanics, were more likely to be rejected in 2008. That's the pattern that emerges from an Observer study of preliminary 2008 application data for the nation's 10 largest mortgage lenders. The chart below shows three-year trends for applications completed, denial rates, originations and the incidence of high-rate loans. Use the pull-down menus to see charts for subgroups.
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The Observer analyzed publicly available data on home loan applications submitted to the nation’s 2008 top 10 mortgage lenders by loan volume. Preliminary data for 2008 was obtained from the lenders, and earlier data for the same institutions was obtained from the Federal Financial Institutions Examination Council, which compiles lender data. Applications included in the study were those for conventional and government-insured loans secured by a first lien to purchase or refinance a one-to-four family home and approved or denied by a lender.
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