Credit Availability and the Decline in Mortgage Lending to Minorities after the Housing Boom, Accessible Data
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Figure 1. Market shares of owner-occupied home purchase loans
| Year | Black | Hispanic | White |
|---|---|---|---|
| 2000 | 0.0651 | 0.0801 | 0.6705 |
| 2001 | 0.0587 | 0.0839 | 0.6576 |
| 2002 | 0.0577 | 0.0911 | 0.6531 |
| 2003 | 0.0601 | 0.0979 | 0.6641 |
| 2004 | 0.0710 | ||
| 2005 | 0.0770 | 0.1050 | 0.6170 |
| 2006 | 0.0870 | 0.1170 | 0.6120 |
| 2007 | 0.0760 | 0.0900 | 0.6540 |
| 2008 | 0.0630 | 0.0790 | 0.6750 |
| 2009 | 0.0570 | 0.0800 | 0.6790 |
| 2010 | 0.0600 | 0.0810 | 0.6760 |
| 2011 | 0.0550 | 0.0830 | 0.6870 |
| 2012 | 0.0510 | 0.0770 | 0.7000 |
| 2013 | 0.0480 | 0.0730 | 0.7020 |
| 2014 | 0.0520 | 0.0790 | 0.6910 |
| 2015 | 0.0552 | 0.0830 | 0.6812 |
Source: Home Mortgage Disclosure Act data
Notes: Not shown are the market shares for other minority groups such as Asians and Native Americans, or the share of loans where race and ethnicity were not reported. Due to reporting changes in 2004, the data may not be perfectly consistent over time. Starting in 2004, both the race and ethnicity (Hispanic or not) of mortgage borrowers could be reported, whereas prior to 2004 borrowers could only be classified as Hispanic or as being in one of five racial categories. In addition, starting in 2004 lenders reported the lien status of loans. In this figure, after 2003 junior liens are excluded, and "Hispanic" refers to Hispanic-white borrowers, while "white" refers to non-Hispanic white borrowers. In 2004 -- the first year of the new reporting regime -- ethnicity was often coded as missing, and thus the 2004 white and Hispanic shares are omitted.
Figure 2: 10th percentile credit score of new home purchase loan borrowers
| Year | Quarter | 10th percentile score, 4-quarter moving average |
|---|---|---|
| 1999 | 3 | 585.50 |
| 1999 | 4 | 584.25 |
| 2000 | 1 | 581.75 |
| 2000 | 2 | 581.50 |
| 2000 | 3 | 583.25 |
| 2000 | 4 | 585.00 |
| 2001 | 1 | 587.75 |
| 2001 | 2 | 590.13 |
| 2001 | 3 | 591.63 |
| 2001 | 4 | 591.38 |
| 2002 | 1 | 593.38 |
| 2002 | 2 | 597.00 |
| 2002 | 3 | 600.25 |
| 2002 | 4 | 604.50 |
| 2003 | 1 | 608.00 |
| 2003 | 2 | 605.50 |
| 2003 | 3 | 602.75 |
| 2003 | 4 | 600.00 |
| 2004 | 1 | 595.25 |
| 2004 | 2 | 594.25 |
| 2004 | 3 | 591.00 |
| 2004 | 4 | 589.38 |
| 2005 | 1 | 589.63 |
| 2005 | 2 | 588.88 |
| 2005 | 3 | 590.88 |
| 2005 | 4 | 591.25 |
| 2006 | 1 | 590.75 |
| 2006 | 2 | 590.25 |
| 2006 | 3 | 590.75 |
| 2006 | 4 | 592.50 |
| 2007 | 1 | 593.75 |
| 2007 | 2 | 596.25 |
| 2007 | 3 | 598.25 |
| 2007 | 4 | 600.25 |
| 2008 | 1 | 602.25 |
| 2008 | 2 | 604.75 |
| 2008 | 3 | 608.25 |
| 2008 | 4 | 613.00 |
| 2009 | 1 | 618.50 |
| 2009 | 2 | 622.50 |
| 2009 | 3 | 627.00 |
| 2009 | 4 | 627.50 |
| 2010 | 1 | 629.50 |
| 2010 | 2 | 633.00 |
| 2010 | 3 | 634.00 |
| 2010 | 4 | 635.75 |
| 2011 | 1 | 634.50 |
| 2011 | 2 | 633.00 |
| 2011 | 3 | 633.50 |
| 2011 | 4 | 634.50 |
| 2012 | 1 | 637.00 |
| 2012 | 2 | 639.50 |
| 2012 | 3 | 640.25 |
| 2012 | 4 | 641.75 |
| 2013 | 1 | 642.50 |
| 2013 | 2 | 642.25 |
| 2013 | 3 | 640.50 |
| 2013 | 4 | 638.75 |
| 2014 | 1 | 637.25 |
| 2014 | 2 | 636.75 |
| 2014 | 3 | 638.50 |
| 2014 | 4 | 638.00 |
| 2015 | 1 | 637.25 |
Source: FRBNY Consumer Credit Panel/Equifax
Notes: This figure shows the four-quarter moving average of Equifax 3.0 Risk Scores for borrowers in the CCP in the quarter prior to the origination of a new home purchase loan. Because lenders do not report in credit bureau data like the CCP whether new loans are used for the purpose of purchasing one's principal residence, we infer the loan purpose based on whether a change in the borrower's mailing address is recorded after origination.
Figure 3: Market shares by race and ethnicity, and by credit score
| Score group | Black, 2000 | Black, 2006 | Black, 2014 | Hispanic, 2000 | Hispanic, 2006 | Hispanic, 2014 | White, 2000 | White, 2006 | White, 2014 |
|---|---|---|---|---|---|---|---|---|---|
| Less than 540 | 0.0131 | 0.0095 | 0.0008 | 0.0149 | 0.0088 | 0.0019 | 0.0453 | 0.0199 | 0.0050 |
| 540-579 | 0.0093 | 0.0122 | 0.0021 | 0.0051 | 0.0071 | 0.0013 | 0.0268 | 0.0252 | 0.0047 |
| 580-619 | 0.0130 | 0.0168 | 0.0071 | 0.0096 | 0.0148 | 0.0060 | 0.0539 | 0.0506 | 0.0249 |
| 620-659 | 0.0107 | 0.0148 | 0.0134 | 0.0123 | 0.0192 | 0.0155 | 0.0785 | 0.0705 | 0.0678 |
| 660-699 | 0.0094 | 0.0120 | 0.0125 | 0.0111 | 0.0198 | 0.0182 | 0.0981 | 0.0903 | 0.1006 |
| 700-739 | 0.0070 | 0.0094 | 0.0095 | 0.0096 | 0.0176 | 0.0145 | 0.1184 | 0.1155 | 0.1267 |
| 740-779 | 0.0051 | 0.0071 | 0.0070 | 0.0080 | 0.0129 | 0.0119 | 0.1492 | 0.1379 | 0.1624 |
| 780 or more | 0.0023 | 0.0041 | 0.0051 | 0.0029 | 0.0056 | 0.0077 | 0.1041 | 0.1217 | 0.1889 |
Source: Home Mortgage Disclosure Act data merged to FRBNY Consumer Credit Panel/Equifax
Notes: Bars provide estimates of the share of all first-lien owner-occupied home purchase loan originated to a given population group, in a particular credit score category, in a given year. Credit scores refer to the Equifax 3.0 Risk Score in the quarter prior to origination.