mortgage lending

Data Anecdotes: Home Mortgage Lending in 2014

This is an image of a home for sale.

The Qualified Mortgage (QM) Rule went into effect January 10, 2014, and appears to have impacted lending practices by parsing out some potential applicants who had reduced chances of approval under QM before they even submitted an application. This could explain that while all purchase applications were reduced in volume, the origination rates were higher. The origination rate for White borrowers was 86 percent in 2014, compared to 84 percent the previous year.

Women far less likely to be approved for mortgage in Chicago area (Chicago Tribune)

The study, which controlled for applicants' income and the size of the loan sought, found that female applicants in the six-county Chicago area were 14.5 percent less likely to receive a home purchase loan than men. A woman whose name headed a joint application was 28.3 percent less likely than a man to receive a loan.

Comment Letter to the Federal Housing Finance Agency Urging Them to Strengthen 2015-2017 Affordable Housing Goals

This letter to the Federal Housing Finance Agency affirms the importance of creating strong affordable housing goals for Fannie Mae and Freddie Mac to promote access to mortgage credit for lower-wealth borrowers.

Webinar: make your voice heard to the CFPB through complaints, comments

Written by Dan Fair on May 28, 2014 - 12:11pm

Join Woodstock Institute and CFPB staff for a webinar to explain how to let the CFPB know what you’re seeing on the ground. Your input will help get relief for the people you serve and help the CFPB make sure that their policymaking and enforcement work reflects local realities.

Register for the webinar.

Mortgages, credit cards top Illinoisans' financial gripes to feds (Chicago Tribune)

Bad experiences with mortgages and credit cards topped the list of grievances that Illinois residents have filed with the U.S. Consumer Financial Protection Bureau's online complaint portal, a new study shows.

The bureau was born out of the 2010 Dodd-Frank Wall Street Reform & Consumer Protection Act. After its founding, it went live with a publicly searchable consumer complaint database.

Mortgage, credit card issues top concerns for Illinois consumers, policy brief shows

CHICAGO—Issues with mortgages and credit cards were the top complaints Illinois consumers submitted to the Consumer Financial Protection Bureau (CFPB)’s consumer complaint database, a new policy brief from Woodstock Institute shows. The policy brief examines data from the CFPB’s online consumer complaint database and compares Illinois’ complaint data by issue and product with national complaint data.

From the President: NCRC conference bridges gap between local realities, national policies

Written by Dory Rand on April 17, 2013 - 3:25pm

Our voices were heard loud and clear this year at the National Community Reinvestment Coalition annual conference, where we had the opportunity to take our priorities to bank regulators and 15 members of the Illinois Congressional delegation. We were joined by a delegation of nearly 30 Illinoisans from housing counseling agencies, community organizations, nonprofit developers, universities, and more.

Unequal Opportunity: Disparities in Mortgage Lending to Women in the Chicago Region

Presentation for the 2013 National Community Reinvestment Coalition Conference in Washington, D.C. Spencer Cowan presented on Woodstock Institute's "Unequal Opportunity" report, which identified disparities in lending for women in the Chicago six-county region.

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