Mortgage Applicants

Navy Federal Credit Union responded aggressively to allegations that it discriminated against minority mortgage borrowers, rejecting more than half of Black applicants in 2022. An investigative report from CNN and a class-action lawsuit allege that the credit union, which lends to military service members and veterans, had the biggest gap in approval rates between white and Black borrowers of any major lender last year.  CNN’s analysis found that more than 75% of white borrowers were approved, while more than 50% of Black borrowers applying for the same loan were denied.  Importantly, the gap remains even for borrowers with comparable financial profiles and extends to high-income Black borrowers. CNN noted that Navy Federal approved more white borrowers making less than $62,000…