Latino or black? Your mortgage in the US could be more expensive

2023-12-19 03:00:05

Non-bank lenders have taken over the mortgage lending business in the United States. On average, they charge more than traditional banks, with Latino and Black borrowers paying the most, according to a Bloomberg analysis.

When Rosario López was looking to buy her first home last year, she knew her financing options were limited. As a security guard in Los Angeles she was paid in cash and did not have receipts for her tax returns. Her credit history was poor, so she wasn’t surprised when her bank, Bank of America Corp., told her she didn’t qualify for a mortgage.