KeyBank, one of the largest mortgage lenders in the U.S., is accused of underserving Black borrowers in the Philadelphia region.
Other top banks in the area reported 8.2% of their mortgage loans went to Black homebuyers in 2021, according to NCRC's analysis.
Philadelphia saw a "substantial decline" in KeyBank loans to Black homebuyers between 2018 and last year, the nonprofit wrote.KeyBank said in a statement that it "strongly disagrees" with the NCRC's characterization of its lending activities and community benefits plan.NCRC analyzed federal data from the Consumer Finance Protection Bureau between 2018-2021.Zoom out:
Nationwide, KeyBank gave the lowest percentage of mortgages to Black borrowers among the 50 largest lenders in 2021, the report found. KeyBank was more likely to approve low-income white applicants for mortgages than high-income Black borrowers, according to the analysis.KeyBank said in a statement that it increased loans to Black borrowers nationwide by 24% between 2018 and 2021, and more than doubled its lending to all minority groups during that period."Any decision to deny an applicant is based solely on the financial information and data associated with the applicant," the bank added.
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