Navy Federal declined to release additional data about its loans to CNN that included borrowers’ credit scores or other variables. In 2022, according to the data, Navy Federal approved 77.1% of White applicants, 55.8% of Latino applicants, and 48.5% of Black applicants. Even among applicants who were identical among all those variables, the analysis found, Black applicants were more than twice as likely to be denied as White applicants, and Latino applicants were roughly 85% more likely to be denied than White applicants. Last year, Navy Federal approved 84.2% of its white home purchase VA loan applicants, compared with 73.8% of Latino applicants and 71.6% of Black applicants. Ted Spencer, 42, applied for a Navy Federal mortgage in 2019 as he purchased a home in Raleigh, North Carolina.

Source: CNN December 14, 2023 22:16 UTC