The Ascent, December 21, 2022, Major Mortgage Lender Is Accused of Discrimination
KeyBank is said to have underserved Black borrowers in the Philadelphia region, according to a new report from the National Community Reinvestment Coalition. Last year, only 2.2% of the more than 1,2000 mortgages it approved in that area went to Black borrowers. By contrast, other top banks in the area reported that more than 8% of their loans went to Black home buyers.
Black mortgage applicants in the U.S. are more than twice as likely to be denied a home loan as white applicants, according to the National Association of Real Estate Brokers. These days, 15% of Black mortgage applicants face rejection, compared to only 6% of applicants who are white.