The rejection rate for purchase applications remained higher for blacks and white Hispanics in 2021, but the rejection rate for each group was lower compared to the rates for each group in 2020, according to the latest release of Housing Mortgage Disclosure Act data from the Bureau of Finance. consumer protection.
For all applicants, the rejection rate for purchase applications was 8.3% in 2021, compared to 9.3% in 2020. For black prospective homebuyers, last year’s 15.3% abandonment rate was nearly 3 percentage points lower than 2020’s 18.1%.
For white Hispanics, the 10.6% abandonment rate was almost 2 percentage points down from the previous year’s 12.5%.
But for non-Hispanic whites, the 6.3% abandonment rate is down 60 basis points from 6.9% in 2020, while for Asians looking to buy a home, the abandonment rate is down to 7.9% from 9.3%.
The abandonment rate for black homebuyers was markedly higher than other groups for all types of loans except mortgages insured by the Federal Housing Administration and rarely used USDA warranty program.
The loan refusal rate for the FHA, a program designed for homebuyers who don’t have the funds for a down payment and who have credit problems, was 12.4% for all borrowers.
For blacks, the FHA rejection rate was 16.1%, while for Asians it was 14.2%, Hispanic whites 11.9%, and non-Hispanic whites 9.8%.
The rejection rate for refinance applications increased to 14.2% last year from 13.2% in 2020. But for blacks looking to refinance their mortgages, the failure rate was 23.6% and for Hispanic whites it was 17.6%. For Asians it was 12.3% and for non-Hispanic whites it was 11.8%.
The CFPB’s look at the data also confirmed consolidation in the number of mortgage originators, as well as the share provided by the top 25 lenders.
The number of financial institutions with at least one closed mortgage fell 3.1% year-on-year to 4,332 in 2021 from 4,472.
In addition, of the active lenders in 2021, only 972 were independent mortgage bankers, the rest were in one form or another or associated with the depositary.
But non-bank main body of work. In 2021, almost 21.5 million applications were submitted and almost 14 million loans were issued. IMB processed 13.9 million applications and 8.9 million applications.
At the same time, the combined share of the top 25 lenders was 43.9% compared to 38.9% in 2020, 37.2% in 2019 and 33.8% in 2018.
top 10 lenders in pieces last year according to HMDA were: Rocket – 1.2 million; Consolidated Wholesale Mortgage, 654,000; creditDepo, 390,000; Wells Fargo, 376,000; Liberty Mortgage, 361,000; JPMorgan Chase, 274,000; Fairway Independent Mortgage, $236,000; Caliber 232,000; Home Point, 209,000; and Pennymac, 209,000.
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