The nearly 29-percentage-point gap in Navy Federal’s approval rates was the widest of any of the 50 lenders that originated the most mortgage loans in 2022.
In addition, an analysis by staff of the Senate Banking Committee, which 10 Democratic senators cited in a letter asking federal regulators to review Navy Federal’s mortgage lending earlier this year, also found racial disparities in Navy Federal’s mortgage approval rates based on the publicly available data.
A spokesperson for Navy Federal did not respond to a request for additional details about the analysis.
Navy Federal described Adegbile’s analysis as an “external review,” but his law firm, WilmerHale, is also defending Navy Federal in a class-action lawsuit from Black and Latino borrowers who allege the credit union discriminated against them in mortgage applications.
“Navy Federal should immediately put out the full investigative report and data analysis so that Navy Federal’s members have an opportunity for themselves to review the findings,” the statement said.
Persons:
hadn’t, “, ”, Debo Adegbile, ” Adegbile, WilmerHale, – Ben Crump, Adam Levitt, Hassan Zavareei –, Adegbile
Organizations:
CNN, Navy Federal Credit Union, Department of Defense, Federal, Consumer Financial, Bureau, Banking Committee, Navy Federal, U.S . Commission, Civil Rights
Locations:
Black, Navy