![]() ![]() ![]() Nationwide, only 47% of Black homeowners who completed a refinance application with Wells Fargo in 2020 were approved, compared with 72% of White homeowners, according to a Bloomberg News analysis of federal mortgage data. Source: Bloomberg analysis of Home Mortgage Disclosure Act data for 8 million completed applications to refinance conventional loans in 2020. “They didn’t want to move forward for whatever reason.” Disparity by Lender “They kept moving the needle,” Ricard says. Within weeks, Wells Fargo had denied his application. Soon after, Ricard was told he would have to pay a higher 4.5% rate, even though the Federal Reserve had slashed rates to historic lows. By May, she was writing to say the underwriter had more questions. Ricard’s house-an investment property that was his home before he moved to another Atlanta suburb in 2017-is in a predominantly Black neighborhood, and in April, the loan officer emailed to say that “perhaps the area is not eligible” for a rapid valuation. It didn’t take long for problems to appear. The loan officer at the bank even told him he was probably eligible for a fast-track appraisal. engineer is married to a doctor and has a credit score north of 800, putting him in America’s credit elite. on Valentine’s Day in 2020 to refinance his mortgage on a four-bedroom brick colonial in a leafy suburb of Atlanta, he had every reason to expect an easy ride. When Mauise Ricard III paid a $560.43 application fee to Wells Fargo & Co. ![]()
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