The lawsuit – filed by multiple law firms, including that of civil rights attorney Ben Crump – details the stories of two named plaintiffs whose mortgage applications were denied by Navy Federal: While this type of discrimination may be par for the course for a profit-driven megabank, a member-driven credit union should know better,” Waters added. The nearly 29-percentage-point gap in Navy Federal’s approval rates was the widest of any of the 50 lenders that originated the most mortgage loans last year. The disparity remained even after accounting for variables such as applicants’ income, debt-to-income ratio, property value, and down payment percentage, CNN’s review found. But less than 50% of Black borrowers who applied for the same type of loan were approved. Navy Federal, which lends to military servicemembers, defense personnel, veterans, and their families approved more than 75% of the White borrowers who applied for a new conventional home purchase mortgage in 2022, according to the most recent data available from the Consumer Financial Protection Bureau. Adegbile, a leading civil rights attorney and former commissioner of the US Commission on Civil Rights, to “assess our mortgage lending policies and practices and make recommendations to drive further access to home ownership.” On Tuesday, it announced that it had hired Debo P. The credit union didn’t respond to CNN’s requests for comment this week.
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