The mortgage industry is central to ethno-racial stratification in homeownership access. Ample research demonstrates that unequal treatment of minorities has created major differences in the access and exclusion of low-cost loan products in the housing market. While numerous studies have documented the disadvantages Black and Latino homebuyers face, these studies have been limited in their assessment of credit worthiness in accessing a mortgage. This study draws on the annual dataset from the Home Mortgage Disclosure Act from 2018 and 2019 to assess ethno-racial disparities in mortgage outcomes by debt-to-income (DTI) levels. I demonstrate that DTI levels vary tremendously by ethno-racial groups. In addition, I show that loan rejections and high-cost loan originations are highest among Blacks and Latinos across DTI levels compared to White applicants. Depending on the adverse loan outcome, Asians perform similarly or slightly underperform compared to Whites. These trends are particularly true when examining high-cost loan originations as Blacks and Latinos with excellent credit worthiness perform similarly as Whites and Asians with below-average credit worthiness. Implications for ethno-racial stratification are discussed.

中文翻译：

---

获得抵押贷款信贷的种族和信用价值差异


抵押贷款行业是房屋所有权机会中民族-种族分层的核心。大量研究表明，对少数族裔的不平等待遇在住房市场获得和排除低成本贷款产品方面造成了重大差异。虽然许多研究记录了黑人和拉丁裔购房者面临的不利条件，但这些研究在评估获得抵押贷款的信用价值方面受到限制。本研究借鉴了 2018 年和 2019 年《住房抵押贷款披露法》的年度数据集，按债务收入比 （DTI） 水平评估抵押贷款结果的民族种族差异。我证明 DTI 水平因种族群体而异。此外，我还表明，与白人申请人相比，不同 DTI 级别的黑人和拉丁裔的贷款拒绝和高成本贷款发放率最高。根据不利的贷款结果，与白人相比，亚洲人的表现相似或略逊一筹。在检查高成本贷款发放时，这些趋势尤其如此，因为信用良好的黑人和拉丁裔与信用信用低于平均水平的白人和亚洲人的表现相似。讨论了对民族-种族分层的影响。