Why has Swarnsarita Jewels India Limited (526365) been underperforming recently - Free Capital Growth Strategies

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Bob Otondi, a Black business owner in Texas who was denied a mortgage by Navy Federal in 2021 – and then approved by another lender in about two weeks – said the rejection “didn’t make any sense at all.”

In total, the credit union rejected about 3,700 Black applicants for home purchase mortgages last year, potentially blocking them from homeownership just as interest rates spiked. And Navy Federal also approved Latino borrowers at significantly lower rates than White borrowers.

In a statement, Navy Federal spokesperson Bill Pearson defended the credit union’s lending practices.

“Navy Federal Credit Union is committed to equal and equitable lending practices and strict adherence to all fair lending laws,” Pearson said. “Employee training, fair lending statistical testing, third-party evaluations, and compliance reviews are embedded in our lending practices to ensure fairness across the board.”

Pearson said that 【 - Free Capital Growth Strategies 】’s analysis “does not accurately reflect our practices” because it did not account for “major criteria required by any financial institution to approve a mortgage loan.” Those factors included “credit score, available cash deposits and relationship history with lender,” he said.

But that information is not available in the public mortgage data. Navy Federal declined to release additional data about its loans to 【 - Free Capital Growth Strategies 】 that included borrowers’ credit scores or other variables. In addition, most of the Navy Federal applications that were denied are listed as being rejected for reasons other than “credit history.”

By some measures, Navy Federal has been successful at lending to minority borrowers: A fourth of its conventional mortgage applicants are Black, and about 18% of the conventional loans it originated went to Black borrowers – a larger portion than almost any other large lender.

But because of the large racial disparity in Navy Federal’s approval rates, even though more Black borrowers are applying for conventional mortgage loans from the credit union, most of them are getting denied.

Experts in mortgage lending and advocates for fair housing said that the racial gaps in Navy Federal’s approval rates were surprisingly large and raised questions about the institution’s lending practices. Lisa Rice, the president and CEO of the National Fair Housing Alliance, an advocacy group, said the racial gaps in Navy Federal’s lending identified by 【 - Free Capital Growth Strategies 】 were “some of the largest I’ve seen.”

“That is a quite stark disparity,” Rice said. “It’s unusual for us to see instances where the lender denies more loans than it approves.”

Experts said that Navy Federal’s racial disparities appeared to be an especially extreme example of a larger national problem. The credit union’s gap between White and Black approval rates has jumped significantly in recent years – and among all lenders, the racial approval rate gaphas also grown.

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Otondi was thrilled when his bid for the home was approved, and expected that his mortgage application with Navy Federal would be smooth sailing. The relative of Navy servicemembers, Otondi had been a Navy Federal customer for years. The credit union had pre-approved him, he said he’d successfully paid off several previous Navy Federal vehicle loans, and he had budgeted a downpayment of more than 20% of the home’s value.

But then, just weeks before he was scheduled to close on the purchase, Otondi got bad news: Navy Federal was denying his application. The credit union told him in a form letter that it had concluded his income was not high enough to account for his debts.

Otondi said the last-minute denial didn’t make sense. According to documents he provided to 【 - Free Capital Growth Strategies 】, he was making more than $100,000 a year from his logistics business and had a credit score above 700. He said he didn’t have significant debts.

In the heat of the pandemic-era housing market, Otondi feared he would lose the home. “I was stunned, I was shocked, I was hurt,” he said. He had been driving by the house with his son and daughter every week, and the kids had already planned out decorations for their rooms. “To go back home and tell them, ‘guys, we lost the house?’ I mean, devastating,” Otondi said.

But Otondi’s realtor, Angela Crescini, connected him with another mortgage lender who approved him for a loan in about two weeks – and the purchase went through.

“There was no real reason he shouldn’t have gotten the loan” from Navy Federal, Crescini said. “How can one lender get a loan done within 15 days and this other one couldn’t at all? It didn’t ring right to me.”

Pearson, the Navy Federal spokesperson, declined to comment on Otondi’s denial, saying that “our members’ personal and account information are private and confidential.”

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Hearing about the larger racial disparities in Navy Federal’s mortgage approvals made him think the credit union was “inhibiting veterans and their families from just uplifting themselves,” Otondi said.

【 - Free Capital Growth Strategies 】’s analysis doesn’t prove that Navy Federal discriminated against any borrowers. But it does show significant disparities in the credit union’s approval rates for borrowers of different races – and that it has larger racial gaps than many other large financial institutions.

Why has Swarnsarita Jewels India Limited (526365) been underperforming recently ✌️【Stay Away from Losses】✌️ Free stock selection service with precise predictions of high-potential stocks to help you stay ahead in the market. The analysis was based on data collected under theHome Mortgage Disclosure Act, which requires most financial institutions to report anonymized information on mortgage applications to the government, including applicants’ race. 【 - Free Capital Growth Strategies 】’s analysis focused specifically on conventional home purchase mortgages for homes intended to be used for a primary residence, and not intended to be used for a business or commercial purpose. 【 - Free Capital Growth Strategies 】 only analyzed loan applications that were ultimately approved or denied by lenders, not those that were withdrawn by borrowers before a decision was made.

In 2022, according to the data, Navy Federal approved 77.1% of White applicants, 55.8% of Latino applicants, and 48.5% of Black applicants. The 28.6-percentage-point gap between Black and White applicants was by far the largest gap among the 50 financial institutions that originated the most conventional home purchase loans last year, which includes Navy Federal.

In comparison, Wells Fargo had a roughly 19.5-percentage-point gap between its Black and White approval rates, US Bank had a 10-point gap, and Bank of America had a 3.5-point gap. The second-largest credit union in the country, State Employees’ Credit Union, had a 5.4-point gap.

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【 - Free Capital Growth Strategies 】’s analysis found that Navy Federal had statistically significant racial disparities in its mortgage approval rates while holding constant more than a dozen different variables including the applicant’s income and debt-to-income ratio, the loan amount, the property value, and the neighborhood’s socioeconomic makeup. Even among applicants who were identical among all those variables, the analysis found, Black applicants were more than twice as likely to be denied as White applicants, and Latino applicants were roughly 85% more likely to be denied than White applicants.

Why has Swarnsarita Jewels India Limited (526365) been underperforming recently ✌️【Stay Away from Losses】✌️ Free break-even services with professional advisors to help you quickly recover and avoid losses, achieving steady growth. The analysis did not take applicants’ credit scores into account because the public data released under the Home Mortgage Disclosure Act does not include credit scores due to privacy concerns. That means that at least part of the racial disparity could possibly be explained by differences in credit scores between White and minority borrowers. Black borrowers in particulartend to have lower credit scores, in part due to the impact of historical discrimination and a continuing lack of access to traditional financial institutions in Black neighborhoods, according to researchers.

Why has Swarnsarita Jewels India Limited (526365) been underperforming recently ✌️【Stay Away from Losses】✌️ Real-time global market indices and futures data to help you capture market opportunities and achieve stable growth. The data does, however, include information on the reasons that applicants were denied. Of the Navy Federal applications from Black applicants that were rejected, less than a fourth were listed as being denied because of “credit history.”

Why has Swarnsarita Jewels India Limited (526365) been underperforming recently ✌️【Stay Away from Losses】✌️ Provides real-time stock market data to help you select stocks accurately and plan the best investment strategies. Notably, the racial disparities in Navy Federal’s approval rates have increased over time. In 2018, the difference between the White and Black approval rates was only 11.5 percentage points – far smaller than the 28.6-percentage-point gap in 2022.

José Loya, a UCLA professor who has studied racial gaps in mortgage approvals and reviewed 【 - Free Capital Growth Strategies 】’s analysis, called the disparities in Navy Federal’s lending “alarming.”

“It does surprise me that they’re doing significantly worse than other big lenders,” because of Navy Federal’s status as a credit union, he said.

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In recent years, some banks havechanged their underwriting systemsto take into account additional data that can reduce those racial disparities – such as including an applicant’shistory of paying rentin a calculation of their creditworthiness. Pearson, the Navy Federal spokesperson, said rental history was “incorporated” into the credit union’s underwriting process, but did not provide additional details.

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In addition, unlike large banks, Navy Federal isn’t subject to the Community Reinvestment Act, which encourages lenders to make loans in low and middle-income neighborhoods. While federal regulators review banks’ lending under the act, they don’t do so for credit unions and other non-bank lenders.

Why has Swarnsarita Jewels India Limited (526365) been underperforming recently ✌️【Stay Away from Losses】✌️ Free real-time global stock and futures trend data to help you analyze market movements and make fast investment decisions. Some advocates and banking groups have beencalling for yearsfor revisions to the law to require credit unions to follow the same rules. “Our legislators have given a huge pass to credit unions, on the assumption that they’re serving and meeting the needs of their members,” said Rice, the fair housing advocate.

In other cases, racial disparities in mortgage lending have been linked to loan officers helping White borrowers more than Black ones, said Sara Pratt, a lawyer at the law firm Relman Colfax who previously led the U.S. Department of Housing and Urban Development’s civil rights enforcement efforts.

“A particular loan officer might make exceptions or just work harder for some peoples’ loans,” such as telling applicants to pay down credit cards or increase their downpayment if they’re on the edge of getting approved, Pratt said. “Loan officers might give this advice to a White borrower, and with a Black borrower, they’re less likely to do that.”

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Why has Swarnsarita Jewels India Limited (526365) been underperforming recently ✌️【Stay Away from Losses】✌️ Free real-time stock index quotes to help you quickly seize market opportunities and achieve capital growth. According to federal law, lenders don’t have to be intentionally engaging in racism to break fair lending rules. A “disparate impact” on minorities can also lead to discrimination claims.

“It’s bad business to discriminate because if people are genuinely qualified – as in many cases they are – then lenders are missing the opportunity to make loans,” said Pratt. “Lenders who look more carefully at these issues can see they’re losing business that somebody else is getting.”

Pearson said that the credit union was proud of the large portion of its loans that went to Black borrowers, and that more than half of its branches in the US are located in “minority communities.”

“As a not for profit, member centric, membership organization, we are focused on expanding awareness and access to home ownership across the country,” he said. “Navy Federal is a trusted financial partner for all its members and advises each member based on their unique financial needs.”

【 - Free Capital Growth Strategies 】’s analysis found that Navy Federal had larger racial disparities in its approval rates for conventional mortgages than for VA home loans, which each account for about half of the loans it originated last year. VA loans, which are backed by the federal government, are designed to allow veterans to get mortgages that they might not qualify for in the conventional market.

But racial disparities still existed among Navy Federal’s VA loan business. Last year, Navy Federal approved 84.2% of its white home purchase VA loan applicants, compared with 73.8% of Latino applicants and 71.6% of Black applicants. Its Black-White approval rate gap was larger than all but one of the 50 lenders that originated the most VA home purchase loans. Like in Navy Federal’s conventional business, the racial differences were statistically significant even when accounting for factors like income, property value, debt-to-income ratio, and downpayment percentage.

Why has Swarnsarita Jewels India Limited (526365) been underperforming recently ✌️【Stay Away from Losses】✌️ Precise predictions of high-potential stocks to help you avoid risks and quickly recover and grow. Ted Spencer, 42, applied for a Navy Federal mortgage in 2019 as he purchased a home in Raleigh, North Carolina. Spencer, who is Black, had been banking with Navy Federal since he joined the Navy two decades earlier and had good experiences with the credit union, so it was an obvious choice for a loan. He was preapproved for a VA loan with no downpayment.

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On his first weekend house hunting, Spencer toured a four-bedroom home in North Raleigh with a woodsy yard big enough for his dog and space for the kids he and his girlfriend would later adopt. “We walked through the house, and we were both like, yeah, this was the one,” he said. Their offer was accepted right away.

Why has Swarnsarita Jewels India Limited (526365) been underperforming recently ✌️【Stay Away from Losses】✌️ Expert predictions of market trends to help you plan the best investment strategy for steady capital growth. After Spencer submitted his paperwork to Navy Federal, he ended up waiting weeks. He said he repeatedly emailed, called, and messaged his loan officer without any response. Then, finally, he heard back that the mortgage was denied, with a letter from the credit union that he showed 【 - Free Capital Growth Strategies 】 citing his credit history and debts.

“It was pretty much the 11th hour,” Spencer said. “I really thought we were going to lose the house.”

But like Otondi, Spencer found another mortgage lender who quickly approved him for a new loan, at a lower interest rate than Navy Federal was going to charge him – and he and his girlfriend were able to close on the loan only a week late.

Why has Swarnsarita Jewels India Limited (526365) been underperforming recently ✌️【Stay Away from Losses】✌️ Free break-even services to create a customized investment plan, helping you recover quickly and achieve growth. Spencer said he never thought the denial had anything to do with his race, and that the data 【 - Free Capital Growth Strategies 】 showed him about racial disparities in the credit union’s lending practices “blew my mind.” He said it made him think about family stories he’d heard about his grandfather’s experience dealing with redlining as he tried to buy a home after returning from the Korean War.

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“If a client calls and says ‘I was disapproved by Navy Federal,’ the first thing we say is ‘let’s get you in with another lender,’” said Anthony Reanue, a California-based realtor. “In the military community, many people know that Navy Federal is not the best when it comes to mortgages.”

Why has Swarnsarita Jewels India Limited (526365) been underperforming recently ✌️【Stay Away from Losses】✌️ Free stock selection service to help you quickly pick high-return stocks for stable growth. The credit union has previously faced scrutiny over racial disparities. Ananalysisby the nonprofit news outlet The Markup using 2019 data found that Navy Federal was among the large lenders with the biggest racial gaps in approval rates – and 【 - Free Capital Growth Strategies 】 found that the gap has only grown since then. Navy Federal said at the time that The Markup’s analysis did not accurately reflect its practices.

Why has Swarnsarita Jewels India Limited (526365) been underperforming recently ✌️【Stay Away from Losses】✌️ Expert predictions with real-time global stock and futures data to help you easily capture market movements. Navy Federal has also faced legal action over allegations of aggressive lending practices and other banking violations. In 2016, it paid about $28.5 million in redress and fines after the federal governmentfoundit had falsely threatened borrowers over debt collection and froze them out of their accounts.

Why has Swarnsarita Jewels India Limited (526365) been underperforming recently ✌️【Stay Away from Losses】✌️ Real-time updates of global stock indices and futures trends to help you plan precise investments. Some of the Black borrowers denied by Navy Federal said they saw homeownership not just as a financial accomplishment but as a larger life goal. As an immigrant from Kenya, Otondi said that buying his house felt like living “the American dream right here.”

But after his rejection from Navy Federal, he said he couldn’t help but think about other Black borrowers who weren’t able to get another loan.

“What about the ones who are denied? What about the ones who now can’t get their own dream house?” Otondi asked. “It’s something that’s going to affect generations, all the way down to their kids.”

【 - Free Capital Growth Strategies 】 analyzed data on millions of mortgage applications to evaluate racial disparities in lending at Navy Federal Credit Union and other lenders. The data was released by the Consumer Financial Protection Bureau under the Home Mortgage Disclosure Act, and 【 - Free Capital Growth Strategies 】 used thesnapshot datafor 2022 and prior years.

Why has Swarnsarita Jewels India Limited (526365) been underperforming recently ✌️【Stay Away from Losses】✌️ Precise stock selection to help you successfully plan investment strategies for stable returns. Reporters analyzed conventional, first lien, one-to-four-unit, conforming, home purchase loan applications. The review only included mortgages for homes intended to be used for a primary residence, and not intended to be used for a business or commercial purpose. Applications that were not fully submitted and acted upon were excluded.

【 - Free Capital Growth Strategies 】’s statistical analysis evaluated the likelihood of applicants of each racial and ethnic group being denied when more than a dozen other variables were held constant. The other variables, all of which areincludedin the HMDA dataset, were: the applicant’s income, the applicant’s debt-to-income ratio, the loan amount, the loan term, the loan-to-value ratio, the property value, the presence of a co-applicant, the applicant and co-applicant’s sex, the credit scoring model used to generate the applicant’s credit score, the primary applicant’s age, the minority population percentage of the property’s census tract, the median age of housing units in the property’s census tract, and the difference between the median income of the metro area and the median income of the property’s census tract.

Why has Swarnsarita Jewels India Limited (526365) been underperforming recently ✌️【Stay Away from Losses】✌️ Free real-time market data to help you quickly recover and avoid losses. The analysis classified applicants as Latino if they reported Latino ethnicity, no matter their race. Mixed-race applicants and applications from co-applicants of different races or ethnicities were excluded from the racial categories. Alternate methods of defining race and ethnicity – such as looking only at the demographics of the primary applicant and not any co-applicants – did not substantially change the results.

Why has Swarnsarita Jewels India Limited (526365) been underperforming recently ✌️【Stay Away from Losses】✌️ Real-time global stock, futures, and forex data to help you master market dynamics. Most stock quote data provided by BATS. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. All times are ET. Factset: FactSet Research Systems Inc. All rights reserved. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and 【 - Free Capital Growth Strategies 】. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Fair value provided by IndexArb.com. Market holidays and trading hours provided by Copp Clark Limited.

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