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The Influence of Race in Residential Mortgage Closings

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Author Info

  • John P. McMurray

    (Freddie Mac, McLean, VA 22102-3110)

  • Thomas A. Thomson

    ()
    (The University of Texas–San Antonio, San Antonio, TX 78249-0637)

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    Abstract

    This study examines how applicants identified as Asian, Black or Hispanic differ in mortgage closing outcomes compared to the remaining applicants. First, the findings show that minority applicants are somewhat less likely to close a loan for purchase, but equally likely to close a loan for refinance. A more important question this study addresses is whether minority borrowers have less efficient closing outcomes. The findings show no statistical difference between minority and non-minority applicants. This indicates that originators do not demonstrate a ‘‘taste for discrimination’’ by basing their loan approval for minorities on whether the loan can be profitably sold.

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    File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol25n04/10.543_556.pdf
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    Bibliographic Info

    Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

    Volume (Year): 25 (2003)
    Issue (Month): 4 ()
    Pages: 543-556

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    Handle: RePEc:jre:issued:v:25:n:4:2003:p:543-556

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    Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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    Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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    Web: http://aux.zicklin.baruch.cuny.edu/jrer/about/get.htm

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