The Ascent: Major Mortgage Lender Is Accused of Discrimination

The Ascent, December 21, 2022, Major Mortgage Lender Is Accused of Discrimination

KeyBank is said to have underserved Black borrowers in the Philadelphia region, according to a new report from the National Community Reinvestment Coalition. Last year, only 2.2% of the more than 1,2000 mortgages it approved in that area went to Black borrowers. By contrast, other top banks in the area reported that more than 8% of their loans went to Black home buyers.

Black mortgage applicants in the U.S. are more than twice as likely to be denied a home loan as white applicants, according to the National Association of Real Estate Brokers. These days, 15% of Black mortgage applicants face rejection, compared to only 6% of applicants who are white.

Print Friendly, PDF & Email
Scroll to Top