NEW MORTGAGE LENDING STUDY FINDS RACIAL DISCRIMINATION IN LENDING TO SENIORS

The National Community Reinvestment Coalition (NCRC) has just released a new report - Mortgages and Older Adults After COVID-19 - on its study of national mortgage lending. This is the first time data on the applicant and co-applicant's age was included in Home Mortgage Disclosure Act (HMDA) information released by the Consumer Financial Protection Bureau in September, 2019.

The report discusses trends in home buying, aging in place, and use of home equity. Key findings are:

1. Some 30% of mortgages in calendar 2018 went to older adults.
2. About 67% of older adults who got mortgages were refinancing homes and 68% of those used the mortgage to access the equity in their homes.
3. More older borrowers were white than younger borrowers.
4. There are racial disparities in interest rates charged to young and old minority borrowers.

The GBCHRB soon will release its study of the mortgage lending behavior of specific lenders who received mortgage applications from Baltimore City residents. Email Bill Kladky of the GBCHRB at wkladky@gbchrb.org to receive the upcoming report's press release.