Reply to Woah, Navy Federal is hella racist

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]The man in the story bought a house that was listed for $415K with “over 20% downpayment” and an income greater than $100K.

I found the house he bought using public record search. It matches the photo in the CNN article. He can clearly afford this house.

Further, the man stated that he had no major debts and was already preapproved by NavyFed. Preapprovals always require a soft proof of income (either W2s or previous taxes) and credit check (to figure out DTI), so the bank can figure out how much to they can put on the preapproval letter. Sure, it’s not a full underwriting but they have a good ballpark of what you can afford.

This guy in 2021 could easily afford a $325K mortgage. [/quote]

Don't they always say if you do something stupid in the home buying process like buy a car or open a new credit card you could be denied? I've definitely heard of people losing approval under thise circumstances.[/quote]

If that was the case, the other lender would not have easily approved him in a quickie 14 day close. [/quote]

So you’re proposing that the most likely scenario is that someone at Navy Fed said oh this guy is black, denied? [/quote]

Until NavyFed comes up with a reasonable explanation, I’m going to go with Occam’s Razor: the bank’s loan officers are more likely to steer ethnic minorities to higher cost, non-conventional loan products even when it’s clear those borrowers qualify for a conventional mortgage. Remember, he was denied conventional financing - that’s the entire premise of the CNN article.

I bet they offered him one of their crappy portfolio loan products that trade at +200-300bps relative to GSE approved loans and he wisely told them to pound sand.[/quote]

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