An analysis of data collected on the Home Mortgage Disclosure Act revealed California's credit unions both approved mortgage loan applications from Hispanic borrowers a bit more often than credit unions nationwide and denied them a bit less often in 2012, the latest year tracked.
An analysis of HMDA data found in the LendingPatterns.com database by Compliance Technologies found borrowers who identified as Hispanic ethnicity filed 70,459 mortgage loans applications with credit unions nationwide in 2012.
From those, credit unions originated 37,371 loans or 48.78% and denied 17,841 or 25.32%.
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By contrast, in California in 2012, Hispanic identified borrowers filed 14,061 mortgage loan applications with credit unions.
From those, credit unions originated 7,682 loans or 54.63% while denying 3,380 or 24.04%.
In addition, while California credit unions approved roughly the same percentage of loan applications from low and moderate-income Hispanic borrowers (33%), a significantly higher percentage of Hispanic borrowers received mortgage loans from credit unions nationwide to purchase a home.
According to the data, 28.32% of Hispanic borrowers that sought a mortgage from a U.S. credit union in 2012 did so to purchase their home, while in California only 17.04% of Hispanic borrowers approached a credit union for a purchase loan.
Instead, 78% of Hispanic borrowers in California applied with a credit union to refinance an existing home loan, while Hispanic borrowers nationwide only sought out credit unions 60% of the time for refinance.
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