FAYETTEVILLE, Ark. — More than 11,000 loan applications were submitted for review in 2014, yet two of the minority groups who applied are rejected the most, according to 2014 data from the Home Mortgage Disclosure Act.
Those who are listed as Pacific Islanders have less than 70 percent of their loans approved — out of the 17 total applications submitted, 17 are approved, which is a considerable difference compared to the 6,857 applications out of approximately 9,000 total applications of the white demographic.
American Indians have more than 50 percent of their loan applications approved. Out of the seven race and ethnicities listed, which include the two minorities, white, black or African-American, Asian, Hispanic or Latino and undeclared races, these are the highest rejections rates, both sitting at approximately 28 percent. Those who are listed as Asian have the lowest rejection rate at approximately 8 percent.
My table lists each category and accompanying Northwest Arkansas census data in the last column. It can be viewed here.
Questions for further research: Even after years of living in the Northwest Arkansas area, why are Pacific Islanders and Native Americans still struggling with home loans? Also, what is their income like compared to the Northwest Arkansas Asian and Hispanic populations? Why are Asians succeeding with home loan applications more than Pacific Islanders?
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