Banker & Tradesman: July 11, 2022

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ANNIVERSARY BY THE NUMBERS

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R E AA LL EES ST T F AI N A INA CL I IANLF OI R NM F A O TRI M A TSI I O RE AA T ET E& & FIN NC ON NN C E S 1I 8N7C2 E

County close-up: Bristol Spotlight: Easton

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Nancy Nesbitt’s four-decade career in commercial real estate, economic development and banking gives her the experience she needs at AccuBranch to help lenders build their branch strategies.

IN PERSON

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WEEK OF MONDAY, JULY 11, 2022

BANKING & LENDING BY THE NUMBERS

3,900 The number of Black homebuyers who received mortgages in Massachusetts in 2020. See Diane McLaughlin’s story on this page. Source: UMass Donahue Institute

1 July 1 was Boston Fed President Susan M. Collins’ first day on the job. See Week on the Web on page 2. Source: Federal Reserve Bank of Boston

7,155 The number of Latino homebuyers who received mortgages in Massachusetts in 2020. See Diane McLaughlin’s story on this page. Source: UMass Donahue Institute

$100 million Berkshire Bank has issued a $100 million sustainability bond. See Week on the Web on page 2. Source: Berkshire Bank

5.1 percent The share of home loans made to local Black homebuyers in 2020. See Diane McLaughlin’s story on this page. Source: UMass Donahue Institute

PANDEMIC’S FIRST YEAR A BOON TO BLACK BUYERS

HMDA Data Shows Minorities Still Faced Higher Denial Rates BY DIANE MCLAUGHLIN BANKER & TRADESMAN STAFF

37 The number of years Nancy Nesbitt has worked in the banking industry. See In Person on page 8. Source: Nancy Nesbitt

13 percent The share of Total Mortgage’s loans made to Black buyers. See Diane McLaughlin’s story on this page. Source: UMass Donahue Institute

W

hile Black borrowers received a record number of home mortgage loans in Massachusetts in 2020, they were also denied mortgages at higher rates compared to other prospective homebuyers. Even with the most qualified borrowers – those with at least a 20 percent down payment and low debt-to-income ratios – lenders continued to deny a

4.65 percent United Shore’s share of the Bristol County single-family mortgage market. See By the Numbers on page 6. Source: The Warren Group’s Marketshare Module

Unless otherwise noted, all data is sourced from The Warren Group’s Mortgage Market Share Module, Loan Originator Module, Statistics Module and/or proprietary database. For more information please visit www.thewarrengroup.com/business/ datasolutions.

Black homebuyers receive a record number of home loans in Massachusetts in 2020 but persistent inequalities continued, according to a new study.

D O C U M E N T I N G D I S PA R I T I E S

higher share of Black mortgage applicants, according to a recent report from the Massachusetts Community & Banking Council. Homeownership seen as key to eliminating the significant wealth gap between Black and white residents of Massachusetts. “It’s worth noting that Massachusetts is getting more diverse, and our homebuying population is getting more diverse,” said Thomas Callahan, executive director of the MCBC. “Probably not quickly enough to close the racial homeownership gap by any stretch of imagination, but it is progress of sorts.” But advocates say their inability to ac-

cess to credit score data is creating a major barrier to understanding what drove the lending disparities seen in the 2020 data.

More Loans Than Any Other Year

The MCBC’s annual report on Home Mortgage Disclosure Act data covering 2020 found that 3,900 Black and 7,155 Latino borrowers in Massachusetts received purchase mortgages in 2020, both record highs. Total home-purchase mortgage volume across the state was 76,380 loans, the most since the MCBC began reporting on mortgage data more than 30 years ago. Continued on Page 7

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Commercial Real Estate PAGE 3

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Commercial Real Estate PAGE 7


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