Denial Rate for Home Purchase Loans

The Home Mortgage Disclosure Act requires most financial institutions to maintain, report and publicly disclose loan-level information about mortgages including actions taken on home purchase loan applications, and this data is published by the Consumer Financial Protection Bureau (CFPB). Actions include when the loan application was originated (approved), approved but not accepted, denied, withdrawn, or closed for incompleteness; and when the preapproval was denied or approved but not accepted. Loans purchased by another financial institution were removed from the dataset since that is not an application outcome. Data on race and/or ethnicity was not available for 20% of the remaining dataset. This indicator shows the denial rate of home purchase loan applications by race and ethnicity in Ramsey County in 2023.