The data from the report isn’t conclusive as other firms may have yet to submit their HMDA data for 2015. San Francisco-based Wells Fargo Bank (which took the number one spot in 2014) slipped to second place with $276 million lent to borrowers, while Addison-based Mid America Mortgage took third place, lending $152 million to borrowers.
The data comes from an early look at the 2015 HMDA data from LendingPatterns, a web-based data mining and exploration tool that analyzes millions of loan applications for thousands of lenders.
LendingPatterns is owned by ComplianceTech, a fair lending software company that has obtained data from numerous lenders in advance of the government’s fall release for all lenders.
Both Quicken Loans and Mid America Mortgage granted more than half of their mortgage applications from Native Americans in 2015. Wells Fargo granted about 41% of such applications.
Mid America Mortgage approved 68% of applications from Native Americans, or 826 out of 1,209 applications; Quicken Loans approved 66% of applications, or 1,514 out of 2,309 applications; and Wells Fargo approved 1,350 out of 3,216 applications.
As of August 11, 2016, 44% of the 19,000 applications from Native Americans as reported by LendingPatterns’ Early Look responders have been approved. Thirty-one percent was denied, 6% purchased, 11% withdrawn, and 6% deemed incomplete.
More than half of the 8,388 originated mortgages counted to date were non-governmental. Additionally, loans insured by the FHA
showed strong volumes as well, with about 45% combined.
Quicken Loans Inc., the Detroit-based mortgage lending company, was the top mortgage lender to Native Americans last year. According to data lenders filed in their 2015 Home Mortgage Disclosure Act (HMDA) reports, Quicken Loans displaced Wells Fargo Bank as the top lender to Native Americans in 2015, lending about $283 million to borrowers.