women

Are lenders discriminating against women? (Mortgage Professional America)

"All we're saying is, this is what the data show: Female applicants are less likely to get loans originated than male applicants," lead researcher Spencer Cowan told the Chicago Tribune. "We don't have basic underwriting criteria … we don't have the value of the property or any credit score range or debt-to-income ratio.”

Cowan concedes the study lacked certain data – including applicant credit scores – and, as such, refused to outright accuse lenders of any gender bias.

Is Gender Discrimination in Lending Rampant in Chicago? (National Mortgage Professional Magazine)

The Woodstock Institute’s new study found that female home loan applicants in the six counties that make up the Chicago metro region were 14.5 percent of women were less likely to receive a mortgage than male applicants, while 28.3 percent of joint mortgage applications where the woman’s name came first were rejected versus joint applications with the man’s name first.

Daughters of Working Moms More Successful Professionally (WealthManagement.com)

Could banks be discriminating against women in one of the largest U.S. cities? According to a report from the Woodstock Institute, a non-profit advocacy group, men in Chicago are far more likely to receive mortgages than women. The study analyzed 211,000 home purchase loan applications and almost 563,000 applications for mortgage refinancing between 2011 and 2013, with controls included for applicants' income and the size of the loan sought. Female applicants were 14.5 percent less likely to receive a home purchase loan.

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.

Addressing Barriers to Wealth-building for Women

Date: 
Friday, June 19, 2015 - 1:00pm to 4:00pm

While women have made great strides towards achieving economic equality, barriers to asset building still limit women’s progress. Woodstock Institute and Chase Bank invite you to a discussion of the challenges to building wealth that women face and how we can address them. The panelists will examine barriers to housing and small business credit for women and ways we can expand access so that women can build equity, buy and maintain affordable housing, and expand their businesses.

Event type: 

The Fight for Economic Gender Equality is Not Over

Sarah Thebaud’s Newsweek article noted that accumulating education and skills is not sufficient for women to attain financial equality. Thebaud conducted an experiment in which male and female entrepreneurs pitched ideas to participants, the majority of whom were in their 20’s.

Do women have equal access to small business credit?

Written by Julianna Nunez on August 22, 2014 - 1:54pm

In a July 2014 article, Crain’s Chicago writes that there is a large gender gap in small business loans. The article examines the national trend of small business lending, but the statistics are just as staggering as those found in Chicago. According to the article, women own 30 percent of small businesses but receive 4.4 percent of conventional small business loans dollars.

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