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REPORT: This New Jersey Bank Is Not Serving People Of Color For Home Loans

TD Bank.
TD Bank. Photo Credit: Wikipedia

New data found that nearly two-thirds of mortgage lenders are denying home loans for people are color at higher rates than for white people, the New York Times reports .

The Center for Investigative Reporting found that the pattern is widespread across the U.S., but some lenders stood out more than others, the article says.

TD Bank has several locations across Bergen and Passaic counties. None are specified in the New York Times article.

TD Bank, with headquarters in Cherry Hill, was most likely to deny loan applications in 2015 and 2016, The Times says.

The article says:

  • TD Bank is more likely than any other major mortgage lender to turn down African American and Latino borrowers
  • TD Bank turned down 54 percent of black homebuyers and 45 percent of Latino homebuyers (triple the industry average)

The bank declined to discuss lending, according to the New York Times, but a bank spokeswoman did say that credit decisions are based on each customer's credit profile and not factors like race and ethnicity.

Other lenders named in the New York Times article are Capital One, Ruoff Home Mortgage, Citizens First Wholesale Mortgage Co. and more.

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