Woodstock Institute finds gender bias in joint home loan, refinancing approvals (Chicago Tribune)

Co-borrowers may want to rethink whose name goes first on a mortgage application.

Early findings from a study under way at the Woodstock Institute found that in the six-county Chicago area, joint applications for home purchases and refinancings were much more likely to be approved if a man was listed first on the application.

Using 2010 Home Mortgage Disclosure Act fair lending data reported to the federal government, Woodstock found that home purchase applications on which a woman was listed as the primary borrower, with a man as co-borrower, were 24 percent less likely to be approved than applications on which a man was listed as the borrower with a woman as co-borrower. For refinance applications, women-headed applications were 39 percent less likely to be approved.

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