{"id":256355,"date":"2025-06-26T11:16:57","date_gmt":"2025-06-26T15:16:57","guid":{"rendered":"https:\/\/ncrc.org\/?page_id=256355"},"modified":"2025-08-14T12:01:09","modified_gmt":"2025-08-14T16:01:09","slug":"mortgage-market-report-series-part-1-introduction-to-mortgage-market-trends","status":"publish","type":"post","link":"https:\/\/ncrc.org\/mortgage-market-report-series-part-1-introduction-to-mortgage-market-trends\/","title":{"rendered":"Mortgage Market Report Series &#8211; Part 1: Introduction to Mortgage Market Trends"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"256355\" class=\"elementor elementor-256355\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-71e5d89 e-flex e-con-boxed e-con e-parent\" data-id=\"71e5d89\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5a2ad7e elementor-widget elementor-widget-heading\" data-id=\"5a2ad7e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/ncrc.org\/mortgage-market-report-series\">2025 NCRC Mortgage Market Series<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-f729df0 e-con-full e-flex e-con e-parent\" data-id=\"f729df0\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c0d481c elementor-widget elementor-widget-n-carousel\" data-id=\"c0d481c\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;carousel_items&quot;:[{&quot;slide_title&quot;:&quot;Slide #1&quot;,&quot;_id&quot;:&quot;c555585&quot;}],&quot;slides_to_show&quot;:&quot;1&quot;,&quot;slides_to_scroll&quot;:&quot;1&quot;,&quot;image_spacing_custom&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:0,&quot;sizes&quot;:[]},&quot;slides_to_show_tablet&quot;:&quot;1&quot;,&quot;autoplay_speed&quot;:8000,&quot;speed&quot;:2000,&quot;slides_to_show_mobile&quot;:&quot;1&quot;,&quot;autoplay&quot;:&quot;yes&quot;,&quot;pause_on_hover&quot;:&quot;yes&quot;,&quot;pause_on_interaction&quot;:&quot;yes&quot;,&quot;infinite&quot;:&quot;yes&quot;,&quot;offset_sides&quot;:&quot;none&quot;,&quot;image_spacing_custom_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;image_spacing_custom_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]}}\" data-widget_type=\"nested-carousel.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"e-n-carousel swiper\" role=\"region\" aria-roledescription=\"carousel\" aria-label=\"Mortgage Carousel v1\" dir=\"ltr\">\n\t\t\t<div class=\"swiper-wrapper\" aria-live=\"off\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"swiper-slide\" data-slide=\"1\" role=\"group\" aria-roledescription=\"slide\" aria-label=\"1 of 1\">\n\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9e3e319 e-flex e-con-boxed e-con e-child\" data-id=\"9e3e319\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-b3d5e3a e-con-full e-flex elementor-invisible e-con e-child\" data-id=\"b3d5e3a\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[],&quot;animation&quot;:&quot;fadeInRight&quot;,&quot;animation_delay&quot;:750}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5e49da0 elementor-widget elementor-widget-text-editor\" data-id=\"5e49da0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b>Part 1:<\/b><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-762eff9 elementor-widget elementor-widget-heading\" data-id=\"762eff9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"> Introduction to \n<br>Mortgage Market Trends<\/br><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-051298a elementor-widget elementor-widget-heading\" data-id=\"051298a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">rising non-bank influence, shifting loan purposes, disparities in access by race, and how these trends shape who gets to buy a home in America today<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-d09b7b0 e-flex e-con-boxed e-con e-parent\" data-id=\"d09b7b0\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c4ae0df elementor-align-center elementor-widget elementor-widget-button\" data-id=\"c4ae0df\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#elementor-action%3Aaction%3Doff_canvas%3Aopen%26settings%3DeyJpZCI6IjQ5YTVlYjEiLCJkaXNwbGF5TW9kZSI6Im9wZW4ifQ%3D%3D\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Series Introduction<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4e2f897 elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4e2f897\" data-element_type=\"section\" data-e-type=\"section\" 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class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8cf0b53\" data-id=\"8cf0b53\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5961478 elementor-widget elementor-widget-spacer\" data-id=\"5961478\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6440bac elementor-widget elementor-widget-off-canvas\" data-id=\"6440bac\" data-element_type=\"widget\" data-e-type=\"widget\" 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data-settings=\"{&quot;youtube_url&quot;:&quot;https:\\\/\\\/youtu.be\\\/-BZW1BRXR4k&quot;,&quot;video_type&quot;:&quot;youtube&quot;,&quot;controls&quot;:&quot;yes&quot;}\" data-widget_type=\"video.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-wrapper elementor-open-inline\">\n\t\t\t<div class=\"elementor-video\"><\/div>\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a4c781e elementor-widget elementor-widget-off-canvas\" data-id=\"a4c781e\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;entrance_animation&quot;:&quot;slideInDown&quot;,&quot;exit_animation&quot;:&quot;slideInDown&quot;}\" data-widget_type=\"off-canvas.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div id=\"off-canvas-a4c781e\" class=\"e-off-canvas\" role=\"dialog\" aria-hidden=\"true\" aria-label=\"Off-Canvas Report\" aria-modal=\"true\" inert=\"\" data-delay-child-handlers=\"true\">\n\t\t\t<div class=\"e-off-canvas__overlay\"><\/div>\n\t\t\t<div class=\"e-off-canvas__main\">\n\t\t\t\t<div class=\"e-off-canvas__content\">\n\t\t\t\t\t<div class=\"elementor-element elementor-element-f0aa308 e-con-full e-flex e-con e-child\" data-id=\"f0aa308\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;gradient&quot;,&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-eebe4b7 elementor-view-default elementor-widget elementor-widget-icon\" data-id=\"eebe4b7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-wrapper\">\n\t\t\t<a class=\"elementor-icon\" href=\"#elementor-action%3Aaction%3Doff_canvas%3Aclose%26settings%3DeyJpZCI6IjFiOTg2NzciLCJkaXNwbGF5TW9kZSI6ImNsb3NlIn0%3D\">\n\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-times\" viewBox=\"0 0 352 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M242.72 256l100.07-100.07c12.28-12.28 12.28-32.19 0-44.48l-22.24-22.24c-12.28-12.28-32.19-12.28-44.48 0L176 189.28 75.93 89.21c-12.28-12.28-32.19-12.28-44.48 0L9.21 111.45c-12.28 12.28-12.28 32.19 0 44.48L109.28 256 9.21 356.07c-12.28 12.28-12.28 32.19 0 44.48l22.24 22.24c12.28 12.28 32.2 12.28 44.48 0L176 322.72l100.07 100.07c12.28 12.28 32.2 12.28 44.48 0l22.24-22.24c12.28-12.28 12.28-32.19 0-44.48L242.72 256z\"><\/path><\/svg>\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-4f0a52a e-con-full e-flex e-con e-child\" data-id=\"4f0a52a\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f088f2a elementor-widget elementor-widget-heading\" data-id=\"f088f2a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Part 1: Introduction to Mortgage Market Trends<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2769033 elementor-widget elementor-widget-text-editor\" data-id=\"2769033\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tComplete the form to download <br>the full report:<\/br>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3efaa7d elementor-button-align-stretch elementor-widget elementor-widget-form\" data-id=\"3efaa7d\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;step_next_label&quot;:&quot;Next&quot;,&quot;step_previous_label&quot;:&quot;Previous&quot;,&quot;button_width&quot;:&quot;100&quot;,&quot;step_type&quot;:&quot;number_text&quot;,&quot;step_icon_shape&quot;:&quot;circle&quot;}\" data-widget_type=\"form.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<form class=\"elementor-form\" method=\"post\" name=\"New Form\" aria-label=\"New Form\">\n\t\t\t<input type=\"hidden\" name=\"post_id\" value=\"256355\"\/>\n\t\t\t<input type=\"hidden\" name=\"form_id\" value=\"3efaa7d\"\/>\n\t\t\t<input type=\"hidden\" name=\"referer_title\" value=\"Mortgage Market Report Series - Part 1: Introduction to Mortgage Market Trends &raquo; NCRC\" \/>\n\n\t\t\t\t\t\t\t<input type=\"hidden\" name=\"queried_id\" value=\"256355\"\/>\n\t\t\t\n\t\t\t<div class=\"elementor-form-fields-wrapper elementor-labels-above\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-text elementor-field-group elementor-column elementor-field-group-field_d274b14 elementor-col-100\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<input size=\"1\" type=\"text\" name=\"form_fields[field_d274b14]\" id=\"form-field-field_d274b14\" class=\"elementor-field elementor-size-sm  elementor-field-textual\" placeholder=\"First Name\">\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-text elementor-field-group elementor-column elementor-field-group-field_37dc9cf elementor-col-100 elementor-field-required elementor-mark-required\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<input size=\"1\" type=\"text\" name=\"form_fields[field_37dc9cf]\" id=\"form-field-field_37dc9cf\" class=\"elementor-field elementor-size-sm  elementor-field-textual\" placeholder=\"Last Name\" required=\"required\">\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-email elementor-field-group elementor-column elementor-field-group-email elementor-col-100 elementor-field-required elementor-mark-required\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<input size=\"1\" type=\"email\" name=\"form_fields[email]\" id=\"form-field-email\" class=\"elementor-field elementor-size-sm  elementor-field-textual\" placeholder=\"Email\" required=\"required\">\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-text elementor-field-group elementor-column elementor-field-group-field_31e3e7e elementor-col-100 elementor-field-required elementor-mark-required\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<input size=\"1\" type=\"text\" name=\"form_fields[field_31e3e7e]\" id=\"form-field-field_31e3e7e\" class=\"elementor-field elementor-size-sm  elementor-field-textual\" placeholder=\"Organization\/Company Name\" required=\"required\">\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-text elementor-field-group elementor-column elementor-field-group-field_5e53299 elementor-col-100 elementor-field-required elementor-mark-required\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<input size=\"1\" type=\"text\" name=\"form_fields[field_5e53299]\" id=\"form-field-field_5e53299\" class=\"elementor-field elementor-size-sm  elementor-field-textual\" placeholder=\"Zip Code\" required=\"required\">\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-acceptance elementor-field-group elementor-column elementor-field-group-field_6521488 elementor-col-100\">\n\t\t\t\t\t\t\t<div class=\"elementor-field-subgroup\">\n\t\t\t<span class=\"elementor-field-option\">\n\t\t\t\t<input type=\"checkbox\" name=\"form_fields[field_6521488]\" id=\"form-field-field_6521488\" class=\"elementor-field elementor-size-sm  elementor-acceptance-field\" checked=\"checked\">\n\t\t\t\t<label for=\"form-field-field_6521488\">Yes, send me updates by email about NCRC research, events and news.<\/label>\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-group elementor-column elementor-field-type-submit elementor-col-100 e-form__buttons\">\n\t\t\t\t\t<button class=\"elementor-button elementor-size-sm\" type=\"submit\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Download Now<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/button>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/form>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b489dc5 elementor-widget elementor-widget-text-editor\" data-id=\"b489dc5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Part 1 of this series will examine fundamental shifts in mortgage credit providers and loan programs serving racially and ethnically diverse communities. It will also track the rise of non-bank lenders, changing distribution of loan purposes and how government backed programs remain crucial for many borrowers of color despite declining overall market share.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1db02e9 elementor-widget elementor-widget-text-editor\" data-id=\"1db02e9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"p1\"><b>Jason Richardson, <\/b><i>Senior Director, Research, NCRC<\/i><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a996c5e elementor-align-center elementor-widget elementor-widget-button\" data-id=\"a996c5e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#elementor-action%3Aaction%3Doff_canvas%3Aopen%26settings%3DeyJpZCI6IjY0NDBiYWMiLCJkaXNwbGF5TW9kZSI6Im9wZW4ifQ%3D%3D\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Intro Video<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c562c98 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"c562c98\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#elementor-action%3Aaction%3Doff_canvas%3Aopen%26settings%3DeyJpZCI6ImE0Yzc4MWUiLCJkaXNwbGF5TW9kZSI6Im9wZW4ifQ%3D%3D\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Download Report<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8a721dc elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"8a721dc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7d1c2b5 elementor-widget elementor-widget-heading\" data-id=\"7d1c2b5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Key Takeaways<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-3a4fc83 e-grid e-con-boxed e-con e-parent\" data-id=\"3a4fc83\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-632ae64 e-con-full e-flex e-con e-child\" data-id=\"632ae64\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t<div class=\"elementor-element elementor-element-abcdb9e e-con-full e-flex e-con e-child\" data-id=\"abcdb9e\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ef5aac4 elementor-widget elementor-widget-heading\" data-id=\"ef5aac4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-61ad784 e-con-full e-flex e-con e-child\" data-id=\"61ad784\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-797f7de elementor-widget elementor-widget-text-editor\" data-id=\"797f7de\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"p1\"><b><span lang=\"EN\">Non-banks exempt from Community Reinvestment Act (CRA) oversight now make an outright majority of mortgages nationwide.\u00a0<\/span><\/b><span lang=\"EN\">Non-bank mortgage companies now originate 53.3% of all home loans (up from 44.6% in 2018), while bank market shares have fallen from 42.5% to 30.1%. This shift thwarts Congress\u2019s attempts to drive loan capital into communities that were historically fenced out of the financial services system, because non-bank lending is not accountable to regulators under the CRA.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-e42533f e-con-full e-flex e-con e-child\" data-id=\"e42533f\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ec5d52e elementor-widget elementor-widget-heading\" data-id=\"ec5d52e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">2<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-150f603 e-con-full e-flex e-con e-child\" data-id=\"150f603\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f35ea81 elementor-widget elementor-widget-text-editor\" data-id=\"f35ea81\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"p1\"><b><span lang=\"EN\">Two-thirds of mortgages to purchase a new home were made by non-bank lenders in 2024.<\/span><\/b><span lang=\"EN\">\u00a0Different institutions dominate specific loan types with mortgage companies leading in home purchases (66.1%) and cash out refinances (67.3%). Banks maintain strength in home improvement loans (48.2%) and equity loans (42.6%).<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-068b83c e-con-full e-flex e-con e-child\" data-id=\"068b83c\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-05a74ba elementor-widget elementor-widget-heading\" data-id=\"05a74ba\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">3<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-c14b3ed e-con-full e-flex e-con e-child\" data-id=\"c14b3ed\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d45d922 elementor-widget elementor-widget-text-editor\" data-id=\"d45d922\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"p1\"><b><span lang=\"EN\">Total mortgage lending has collapsed dramatically since the COVID-19 pandemic.<\/span><\/b><span lang=\"EN\">\u00a0Loan originations plummeted from a peak of 16.8 million in 2021 to just 4.6 million in 2023, with refinancing collapsing by over 90% from pandemic peaks.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-996f7b1 e-con-full e-flex e-con e-child\" data-id=\"996f7b1\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-cf38590 elementor-widget elementor-widget-heading\" data-id=\"cf38590\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">4<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-3d5588d e-con-full e-flex e-con e-child\" data-id=\"3d5588d\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d0ea344 elementor-widget elementor-widget-text-editor\" data-id=\"d0ea344\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"p1\"><b><span lang=\"EN\">Institution Specific Trends<\/span><\/b><span lang=\"EN\">: Credit unions show the strongest reliance on conventional lending (96.6%), compared to banks (90.5%) and mortgage companies (60.6%), which utilize government-backed programs more frequently.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"elementor-element elementor-element-9c2df4e e-flex e-con-boxed e-con e-parent\" data-id=\"9c2df4e\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-6e22ffd e-con-full e-flex e-con e-child\" data-id=\"6e22ffd\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[],&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-29f1e78 elementor-widget elementor-widget-heading\" data-id=\"29f1e78\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Discussion<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5c808d9 elementor-widget elementor-widget-text-editor\" data-id=\"5c808d9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The mortgage market has undergone significant structural changes since 2018, reflecting both pandemic-related economic shifts and\u00a0<span class=\"GramE\">longer term<\/span>\u00a0trends in financial services. The 30-year fixed mortgage rate in the United States has experienced significant volatility over the past 25 years, starting around 8% in 2000, then dropping to historic lows of under 3% during the height of the 2020-2021 COVID-19 pandemic era. It then climbed sharply to peak at nearly 8% in late 2023, before moderating to around 6.8% by early 2025.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fc00ae4 elementor-widget elementor-widget-menu-anchor\" data-id=\"fc00ae4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"Fig01\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-28fce34 e-con-full e-flex e-con e-child\" data-id=\"28fce34\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-bb59656 elementor-widget elementor-widget-html\" data-id=\"bb59656\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<iframe title=\"Mortgage Market Share\" aria-label=\"Interactive line chart\" id=\"datawrapper-chart-O9f7i\" src=\"https:\/\/datawrapper.dwcdn.net\/O9f7i\/1\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"422\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data[\"datawrapper-height\"][t]+\"px\";r.style.height=d}}}))}();\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1794a60 e-con-full e-flex e-con e-child\" data-id=\"1794a60\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-bb593bc elementor-widget elementor-widget-menu-anchor\" data-id=\"bb593bc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"Fig02\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1a759da elementor-widget elementor-widget-html\" data-id=\"1a759da\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<iframe title=\"Market Share By Lender Type - Home Purchase\" aria-label=\"Interactive line chart\" id=\"datawrapper-chart-8RB0O\" src=\"https:\/\/datawrapper.dwcdn.net\/8RB0O\/5\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"846\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data[\"datawrapper-height\"][t]+\"px\";r.style.height=d}}}))}();\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b1dc8ec elementor-widget elementor-widget-text-editor\" data-id=\"b1dc8ec\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\">Non-bank mortgage companies have emerged as the dominant force in home lending, particularly for home purchases and cash-out refinances. They have increased their market share from 44.6% in 2018, experiencing a peak of 60.8% in 2021 before settling at 53.3% in 2024.<\/p><p style=\"font-weight: 400;\">This fundamental shift in who provides mortgage credit to American homebuyers threatens to undermine efforts to close economic opportunity gaps along race and class lines. This shift means that lenders can sidestep critical consumer protections, like the Community Reinvestment Act (CRA).<\/p><p style=\"font-weight: 400;\">Banks have seen their overall market share decline substantially from 42.5% in 2018 to just 30.1% by 2024. However, banks still continue to play an important role in home improvement and equity lending. Meanwhile, credit unions have grown their presence from 13.0% to 16.6% over the same period, showing resilience during market fluctuations. Credit unions, however, are also not subject to the same CRA oversight as traditional banks.<\/p><p style=\"font-weight: 400;\">The COVID-19 pandemic created unprecedented volatility in lending activity. Total loan originations more than doubled between 2019 and 2021, reaching historic peaks of 16.8 million loans driven by historically low interest rates. As rates climbed post-pandemic, lending contracted sharply to 6.7 million originations in 2022 and just 4.6 million in 2023. Despite these extreme volume swings, the origination rate (percentage of applications resulting in loans) remained surprisingly stable, suggesting lending standards stayed consistent throughout the market turbulence.<\/p><p style=\"font-weight: 400;\">Different types of lenders have developed specialized niches within the mortgage ecosystem, as shown in the charts below. While all institutions experienced significant drops in volume since 2021, their composition of loan types reveals distinct business models and market approaches.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f55ffa1 elementor-widget elementor-widget-menu-anchor\" data-id=\"f55ffa1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"Fig03\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-e23b544 e-con-full e-flex e-con e-child\" data-id=\"e23b544\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-77fdc00 elementor-widget elementor-widget-html\" data-id=\"77fdc00\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<iframe title=\"Lending By Loan Purpose\" aria-label=\"Interactive area chart\" id=\"datawrapper-chart-ot7Uq\" src=\"https:\/\/datawrapper.dwcdn.net\/ot7Uq\/4\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"487\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data[\"datawrapper-height\"][t]+\"px\";r.style.height=d}}}))}();\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-84c1fb1 elementor-widget elementor-widget-text-editor\" data-id=\"84c1fb1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\">The composition of mortgage lending has shifted significantly since 2018, with refinancing activity dominating during the 2020-2021 period before sharply declining. The chart below quantifies this dramatic volume change, where total lending peaked near 12 million units during the 2020-2021 period before falling to approximately 5 million units by 2023 (less than half the peak volume).<\/p><p style=\"font-weight: 400;\">Home purchases (shown in gray) have maintained the most consistent volume throughout this period, while refinance activity (shown in blue) experienced the most pronounced boom and bust cycle, driving both the overall market expansion and subsequent contraction. This volume data reinforces our findings about the unprecedented market volatility during and after the pandemic period.<\/p><p style=\"font-weight: 400;\">Banks maintained a heavy emphasis on providing conventional loans, which make up 83.5% of their home purchase lending. This conventional loan focus has remained consistent even as overall volumes declined dramatically after 2021.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2521f4f elementor-widget elementor-widget-menu-anchor\" data-id=\"2521f4f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"Fig04\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-91c6fdf elementor-widget elementor-widget-html\" data-id=\"91c6fdf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<iframe title=\"Bank Mortgage Lending by Type\" aria-label=\"Stacked Columns\" id=\"datawrapper-chart-AXXrl\" src=\"https:\/\/datawrapper.dwcdn.net\/AXXrl\/6\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"454\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data[\"datawrapper-height\"][t]+\"px\";r.style.height=d}}}))}();\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-16b57e8 elementor-widget elementor-widget-menu-anchor\" data-id=\"16b57e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"Fig05\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-92e905b elementor-widget elementor-widget-html\" data-id=\"92e905b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<iframe title=\"Mortgage Company Lending by Type\n\" aria-label=\"Stacked Columns\" id=\"datawrapper-chart-7DfoK\" src=\"https:\/\/datawrapper.dwcdn.net\/7DfoK\/5\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"437\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data[\"datawrapper-height\"][t]+\"px\";r.style.height=d}}}))}();\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9ddc79a elementor-widget elementor-widget-text-editor\" data-id=\"9ddc79a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\">Credit unions represent a third distinct category in the mortgage lending landscape, although they handle the smallest overall volume of loans compared to banks and mortgage companies. What makes credit unions stand out is their overwhelming focus on conventional lending, which makes up 88.1% of their home purchase mortgage activity and 96.6% of all of their lending. They use government-backed loan programs, such as FHA loans and Rural Housing Service (RHS) housing assistance programs, less frequently than any other lender group.<\/p><p style=\"font-weight: 400;\">There is one notable exception to this pattern: Veterans Affairs (VA) loans for military service members and veterans. A single institution \u2013 Navy Federal Credit Union (NFCU) \u2013 dominates this specialized market, accounting for 76% of all VA loans issued by credit unions in 2024. This concentration shows how one large credit union has carved out a specific niche serving military members, while most other credit unions primarily stick to conventional lending.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-94fdfcb elementor-widget elementor-widget-menu-anchor\" data-id=\"94fdfcb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"Fig06\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bbaf94f elementor-widget elementor-widget-html\" data-id=\"bbaf94f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<iframe title=\"Credit Union Lending by Type\" aria-label=\"Stacked Columns\" id=\"datawrapper-chart-wAq91\" src=\"https:\/\/datawrapper.dwcdn.net\/wAq91\/4\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"456\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data[\"datawrapper-height\"][t]+\"px\";r.style.height=d}}}))}();\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5b9af37 elementor-widget elementor-widget-text-editor\" data-id=\"5b9af37\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\">The data reveals significant disparities in how different institutions access the mortgage market. Government-backed programs (i.e., FHA, VA, RHS, etc.) remain crucial for many borrowers despite their declining overall market share. In 2024, while 78.3% of all home purchase mortgages were conventional loans, the remaining 21.7% of government-backed loan programs played an outsized role in serving many communities.<\/p><p style=\"font-weight: 400;\">Recent policy changes have affected investor confidence, pushing bond yields to higher rates and increasing mortgage costs. The housing market remains central to these\u00a0long term\u00a0shifts, with lending activity both reflecting and influencing broader economic trends.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a67f225 elementor-widget elementor-widget-heading\" data-id=\"a67f225\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Policy Solutions<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-692d423 e-grid e-con-full e-con e-child\" data-id=\"692d423\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t<div class=\"elementor-element elementor-element-88dace0 e-con-full e-flex e-con e-child\" data-id=\"88dace0\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t<div class=\"elementor-element elementor-element-1519d8e e-con-full e-flex e-con e-child\" data-id=\"1519d8e\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-084de32 elementor-widget elementor-widget-heading\" data-id=\"084de32\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-8f04fd2 e-con-full e-flex e-con e-child\" data-id=\"8f04fd2\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f9520a4 elementor-widget elementor-widget-text-editor\" data-id=\"f9520a4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span lang=\"EN\">Extend CRA Requirements to\u00a0<span class=\"SpellE\"><span class=\"GramE\">Non Bank<\/span><\/span>\u00a0Lenders<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3f2dd37 elementor-widget elementor-widget-text-editor\" data-id=\"3f2dd37\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"p1\"><span style=\"font-weight: 400;\">Given recent efforts to weaken federal fair lending protections, and the increasingly dominant role of less-supervised lenders in the mortgage market, states must defend their residents through these expanded CRA frameworks. Implementing state-level Community Reinvestment Act legislation similar to current models operating in Massachusetts, New York and Illinois would cover all mortgage lenders, including now dominant non-bank institutions.\u00a0<\/span>Previous NCRC studies<span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">\u00a0have shown that state CRA laws effectively increased lending to underserved communities and provide crucial accountability mechanisms for lending institutions.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-460aad6 e-con-full e-flex e-con e-child\" data-id=\"460aad6\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t<div class=\"elementor-element elementor-element-0beec7e e-con-full e-flex e-con e-child\" data-id=\"0beec7e\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-330328f elementor-widget elementor-widget-heading\" data-id=\"330328f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">2<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1f99e84 e-con-full e-flex e-con e-child\" data-id=\"1f99e84\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-320b6a3 elementor-widget elementor-widget-text-editor\" data-id=\"320b6a3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span lang=\"EN\">Defend Down Payment Assistance Programs<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e391f39 elementor-widget elementor-widget-text-editor\" data-id=\"e391f39\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"p1\">Policymakers should fight to preserve home mortgage down payment assistance programs for low-income homebuyers, which are currently under attack from federal regulators. Recent directives have forced government-sponsored enterprises (GSEs) to terminate programs helping borrowers with limited savings. State and local governments must maintain these vital pathways to homeownership while advocating for federal policy reversals. As interest rates have risen, borrowers need these funds to more effectively buy down their rates as well.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-b2b42cf e-con-full e-flex e-con e-child\" data-id=\"b2b42cf\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t<div class=\"elementor-element elementor-element-672b4e7 e-con-full e-flex e-con e-child\" data-id=\"672b4e7\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-71a8714 elementor-widget elementor-widget-heading\" data-id=\"71a8714\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">3<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-bce6695 e-con-full e-flex e-con e-child\" data-id=\"bce6695\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-97bef2b elementor-widget elementor-widget-text-editor\" data-id=\"97bef2b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Defend CFPB Enforcement<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-af6a1b0 elementor-widget elementor-widget-text-editor\" data-id=\"af6a1b0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"p1\">Policymakers should resist attempts to dismantle the Consumer Financial Protection Bureau (CFPB), which has faced recent operational challenges under acting leadership. State-level public servants need to remain vigilant against the potential relaxation of consumer protections that will enable discriminatory lending practices.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-3b0a86a e-con-full e-flex e-con e-child\" data-id=\"3b0a86a\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-49a5eb1 elementor-widget elementor-widget-off-canvas\" data-id=\"49a5eb1\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;entrance_animation&quot;:&quot;slideInDown&quot;,&quot;exit_animation&quot;:&quot;slideInDown&quot;}\" data-widget_type=\"off-canvas.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div id=\"off-canvas-49a5eb1\" class=\"e-off-canvas\" role=\"dialog\" aria-hidden=\"true\" aria-label=\"Off-Canvas - Intro\" aria-modal=\"true\" inert=\"\" data-delay-child-handlers=\"true\">\n\t\t\t<div class=\"e-off-canvas__overlay\"><\/div>\n\t\t\t<div class=\"e-off-canvas__main\">\n\t\t\t\t<div class=\"e-off-canvas__content\">\n\t\t\t\t\t<div class=\"elementor-element elementor-element-2f5aa50 e-con-full e-flex e-con e-child\" data-id=\"2f5aa50\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0a4e96d elementor-view-default elementor-widget elementor-widget-icon\" data-id=\"0a4e96d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-wrapper\">\n\t\t\t<a class=\"elementor-icon\" href=\"#elementor-action%3Aaction%3Doff_canvas%3Aclose%26settings%3DeyJpZCI6IjQ5YTVlYjEiLCJkaXNwbGF5TW9kZSI6ImNsb3NlIn0%3D\">\n\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-times\" viewBox=\"0 0 352 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M242.72 256l100.07-100.07c12.28-12.28 12.28-32.19 0-44.48l-22.24-22.24c-12.28-12.28-32.19-12.28-44.48 0L176 189.28 75.93 89.21c-12.28-12.28-32.19-12.28-44.48 0L9.21 111.45c-12.28 12.28-12.28 32.19 0 44.48L109.28 256 9.21 356.07c-12.28 12.28-12.28 32.19 0 44.48l22.24 22.24c12.28 12.28 32.2 12.28 44.48 0L176 322.72l100.07 100.07c12.28 12.28 32.2 12.28 44.48 0l22.24-22.24c12.28-12.28 12.28-32.19 0-44.48L242.72 256z\"><\/path><\/svg>\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-46c1dcc e-con-full e-flex e-con e-child\" data-id=\"46c1dcc\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-af3453c elementor-widget elementor-widget-heading\" data-id=\"af3453c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Series Introduction<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3196f0c elementor-widget elementor-widget-n-accordion\" data-id=\"3196f0c\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;default_state&quot;:&quot;all_collapsed&quot;,&quot;max_items_expended&quot;:&quot;one&quot;,&quot;n_accordion_animation_duration&quot;:{&quot;unit&quot;:&quot;ms&quot;,&quot;size&quot;:400,&quot;sizes&quot;:[]}}\" data-widget_type=\"nested-accordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"e-n-accordion\" aria-label=\"Accordion. Open links with Enter or Space, close with Escape, and navigate with Arrow Keys\">\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-5190\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"1\" tabindex=\"0\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-5190\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> <i>Methods and Definitions<\/i> <\/div><\/span>\n\t\t\t\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-5190\" class=\"elementor-element elementor-element-603720e e-con-full e-flex e-con e-child\" data-id=\"603720e\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-deed64d elementor-widget elementor-widget-heading\" data-id=\"deed64d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Data Sources<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-70fd034 elementor-widget elementor-widget-text-editor\" data-id=\"70fd034\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\"><strong>Home Mortgage Disclosure Act (HMDA) Data<\/strong>: Primary data source covering national mortgage lending patterns from 2018-2024, representing approximately 88% of all mortgage applications processed annually<\/p><p style=\"font-weight: 400;\"><strong>US Census Bureau Data<\/strong>: Used for demographic information, population statistics, and income data including the American Community Survey and Decennial Census data<\/p><p style=\"font-weight: 400;\"><strong>Consumer Financial Protection Bureau (CFPB) Data<\/strong>: Source for HMDA data collection and release<\/p><p style=\"font-weight: 400;\"><strong>Brookings Institution Research<\/strong>: Referenced for demographic projections and population growth analysis<\/p><p style=\"font-weight: 400;\"><strong>Federal Financial Institutions Examination Council<\/strong>: Source for HMDA data products<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d5c4e96 elementor-widget elementor-widget-heading\" data-id=\"d5c4e96\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Analysis Period and Scope<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-df85769 elementor-widget elementor-widget-text-editor\" data-id=\"df85769\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\"><strong>Time Frame<\/strong>: 2018-2024<\/p><p style=\"font-weight: 400;\"><strong>Loan Types Analyzed<\/strong>: Focus on home purchase loans for owner-occupied, site-built,\u00a01-4 unit\u00a0properties except as noted<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ba2c8c0 elementor-widget elementor-widget-heading\" data-id=\"ba2c8c0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Data Processing Methods<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f226013 elementor-widget elementor-widget-text-editor\" data-id=\"f226013\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\"><strong>Race\/Ethnicity Calculation<\/strong>: Detailed subgroup identification method that prioritizes specific ethnic codes (11-14 for Hispanic subgroups, 21-27 for Asian subgroups, 41-44 for Pacific Islander subgroups) over broader categories<\/p><p style=\"font-weight: 400;\"><strong>Missing Data Treatment<\/strong>: &#8220;No Data&#8221; loans excluded from demographic calculations rather than treated as a separate racial category<\/p><p style=\"font-weight: 400;\"><strong>Year-over-Year Comparisons<\/strong>: Multi-year data compared using identical calculation methods across the 2018-2024 period<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-58b9e7c elementor-widget elementor-widget-heading\" data-id=\"58b9e7c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Key Metrics and Definitions<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d631415 elementor-widget elementor-widget-text-editor\" data-id=\"d631415\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\"><strong>Low- and Moderate-Income Borrower (LMIB)<\/strong>: Borrowers with household income below 80% of area median income<\/p><p style=\"font-weight: 400;\"><strong>Low- and Moderate-Income Census Tract (LMICT)<\/strong>: Geographic areas where median family income is at or below 80% of metro area median family income<\/p><p style=\"font-weight: 400;\"><strong>Majority-Minority Census Tract (MMCT)<\/strong>: Census tracts where racial\/ethnic minorities comprise more than 50% of residents<\/p><p style=\"font-weight: 400;\"><strong>Cost Per Dollar<\/strong>: Calculated as (Total Payments Over 30 Years + Closing Costs) \u00f7 Original Loan Amount<\/p><p style=\"font-weight: 400;\"><strong>Market Share<\/strong>: Percentage of total loans in a market originated by a specific lender<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-51c7e3e elementor-widget elementor-widget-heading\" data-id=\"51c7e3e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Calculation Formulas<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ec89ffa elementor-widget elementor-widget-text-editor\" data-id=\"ec89ffa\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\"><strong>Percentage Calculations<\/strong>:<\/p><ul><li style=\"font-weight: 400;\">Low and moderate-income borrower percentages: (LMIB\/Total Loans) \u00d7 100<\/li><li style=\"font-weight: 400;\">LMI Tract percentages: (LMICT\/Total Loans) \u00d7 100<\/li><li style=\"font-weight: 400;\">Majority-minority tract percentages: (MMCT\/Total Loans) \u00d7 100<\/li><li style=\"font-weight: 400;\">Race and ethnicity percentages: (Race group\/(Total Loans-No Data)) \u00d7 100<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bd5ce51 elementor-widget elementor-widget-heading\" data-id=\"bd5ce51\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Data Quality and Limitations<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-20f4ff4 elementor-widget elementor-widget-text-editor\" data-id=\"20f4ff4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\"><strong>Coverage Limitations<\/strong>: Analysis limited to loans with reported demographic data (approximately 4.7\u00a0million\u00a0of 5.3 million total loans in 2024)<\/p><p style=\"font-weight: 400;\"><strong>Census Boundary Changes<\/strong>: 2020 Census redrew neighborhood boundaries, affecting historical comparisons for majority-minority tract analysis starting in 2022<\/p><p style=\"font-weight: 400;\"><strong>Missing Data Impact<\/strong>: Growing number of loans without demographic data affects trend analysis accuracy<\/p><p style=\"font-weight: 400;\"><strong>Multiracial Identity Challenges<\/strong>: Difficulty measuring lending equity for people identifying as multiple races<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1f9d57f elementor-widget elementor-widget-heading\" data-id=\"1f9d57f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Terms<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e2529cc elementor-widget elementor-widget-text-editor\" data-id=\"e2529cc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\"><strong>AAPI<\/strong>\u00a0&#8211; Asian American and Pacific Islander: Demographic label that groups together Asian and Pacific Islander communities<\/p><p style=\"font-weight: 400;\"><strong>AHO<\/strong>\u00a0&#8211; Access to Home Ownership: Office of Hawaiian Affairs program that guarantees portions of home loans for Native Hawaiian first-time homebuyers<\/p><p style=\"font-weight: 400;\"><strong>CDFI<\/strong>\u00a0&#8211; Community Development Financial Institution: Specialized lenders focused on serving underserved communities<\/p><p style=\"font-weight: 400;\"><strong>CFPB<\/strong>\u00a0&#8211; Consumer Financial Protection Bureau: Federal agency that oversees mortgage lending and consumer financial protection<\/p><p style=\"font-weight: 400;\"><strong>CRA<\/strong>\u00a0&#8211; Community Reinvestment Act: Federal law requiring banks to meet credit needs of their entire communities, especially low-income areas<\/p><p style=\"font-weight: 400;\"><strong>FHA<\/strong>\u00a0&#8211; Federal Housing Administration: Government agency that insures mortgages<\/p><p style=\"font-weight: 400;\"><strong>GSE<\/strong>\u00a0&#8211; Government-Sponsored Enterprise: Companies like Fannie Mae and Freddie Mac that buy mortgages from lenders<\/p><p style=\"font-weight: 400;\"><strong>HMDA<\/strong>\u00a0&#8211; Home Mortgage Disclosure Act: Federal law requiring lenders to report detailed mortgage lending data<\/p><p style=\"font-weight: 400;\"><strong>HoPI<\/strong>\u00a0&#8211; Hawaiian or Pacific Islander: Demographic category for Native Hawaiian and Pacific Islander populations<\/p><p style=\"font-weight: 400;\"><strong>HUD<\/strong>\u00a0&#8211; US Department of Housing and Urban Development: Federal agency that oversees housing programs<\/p><p style=\"font-weight: 400;\"><strong>IHBG<\/strong>\u00a0&#8211; Indian Housing Block Grant: Federal program funding housing development on tribal lands<\/p><p style=\"font-weight: 400;\"><strong>LEI<\/strong>\u00a0&#8211; Legal Entity Identifier: Unique identification code for financial institutions<\/p><p style=\"font-weight: 400;\"><strong>LMI<\/strong>\u00a0&#8211; Low- and Moderate-Income: People or areas with incomes at or below 80% of area median income<\/p><p style=\"font-weight: 400;\"><strong>LMIB<\/strong>\u00a0&#8211; Low and Moderate-Income Borrower: Borrowers with incomes below 80% of area median income<\/p><p style=\"font-weight: 400;\"><strong>LMICT<\/strong>\u00a0&#8211; Low- and Moderate-Income Census Tract: Geographic areas where median incomes fall below 80% of regional average<\/p><p style=\"font-weight: 400;\"><strong>MIP<\/strong>\u00a0&#8211; Mortgage Insurance Premium: Monthly fee paid by FHA borrowers to protect lenders against default<\/p><p style=\"font-weight: 400;\"><strong>MMCT<\/strong>\u00a0&#8211; Majority-Minority Census Tract: Neighborhoods where racial\/ethnic minorities make up more than 50% of residents<\/p><p style=\"font-weight: 400;\"><strong>RHS<\/strong>\u00a0&#8211; Rural Housing Service: USDA program providing housing assistance in rural areas<\/p><p style=\"font-weight: 400;\"><strong>VA<\/strong>\u00a0&#8211; Veterans Affairs: Government department that provides benefits to military veterans, including mortgage guarantees<\/p><p style=\"font-weight: 400;\"><strong>YoY<\/strong>\u00a0&#8211; Year-over-Year: Comparison between the same period in consecutive years<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-097b87c elementor-widget elementor-widget-text-editor\" data-id=\"097b87c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\">The Home Mortgage Disclosure Act (HMDA) data is collected and released each year by the Consumer Financial Protection Bureau (CFPB). This dataset offers unparalleled details about 88% of the mortgage applications processed each year. This information is critical for any regulator, advocate or lender that wants to understand the market. Data of this kind promotes fair and efficient markets.<\/p><p style=\"font-weight: 400;\">This series of research briefs will offer a deep analysis of this data and help\u00a0policymakers,\u00a0the\u00a0general public\u00a0and National Community Reinvestment Coalition (NCRC) members understand current mortgage market trends at the local level. There are a great number of topics that this data will help us explore via a series of episodes with\u00a0easy to understand\u00a0reports, policy suggestions, videos, data visualizations and maps. These insights can help various organizations and market actors to utilize this data to support fair lending programs and initiatives in their communities.<\/p><p style=\"font-weight: 400;\">There were several key takeaways and findings in the 2024 HMDA data that we will discuss in future episodes. This introduction and summary will be updated as new episodes in this series are published.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-faffbcb elementor-widget elementor-widget-heading\" data-id=\"faffbcb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Key Takeaways<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e265127 elementor-widget elementor-widget-heading\" data-id=\"e265127\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Key Findings<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-231413a elementor-widget elementor-widget-text-editor\" data-id=\"231413a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ol style=\"font-weight: 400;\"><li><strong>Declining Low-Income Access:<\/strong>\u00a0Lending to low- and moderate-income borrowers fell to 14.2% in 2024 (the lowest level since 2018), reflecting severe affordability challenges.<\/li><li><strong>Hispanic Market Growth:<\/strong>\u00a0Hispanic borrowers now exceed their population share in mortgage lending, reaching 17.7% of home purchase loans in 2024.<\/li><li><strong>Persistent Black Homeownership Gap:<\/strong>\u00a0Black borrower participation remains stagnant at 8.9% (well below their 11.7% share of the adult population), with declining shares in major metro areas.<\/li><li><strong>Less-Regulated Lenders Displacing\u00a0Banks:<\/strong> Mortgage companies and credit unions \u2013 whose lending activity is not covered by key economic opportunity laws like the Community Reinvestment Act \u2013 have greatly expanded their share of lending. Mortgage companies are making \u2154 of home purchase loans in 2024. Credit unions are now making more cash out\u00a0refinance\u00a0loans than banks and hold nearly the same share of the home equity market\u00a0that banks do, without the oversight offered by the\u00a0CRA..<\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d44a962 elementor-widget elementor-widget-text-editor\" data-id=\"d44a962\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Access and Affordability<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6ab4f4b elementor-widget elementor-widget-text-editor\" data-id=\"6ab4f4b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Low- and moderate-income (LMI) home purchase lending continues its long decline, now at just 25.8% of all home purchases on owner occupied, 1-4 unit site built homes. Upper income borrowers dominate homebuying, even in LMI and majority minority census tracts.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8d3a826 elementor-widget elementor-widget-text-editor\" data-id=\"8d3a826\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Demographic Shifts<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2900cf9 elementor-widget elementor-widget-text-editor\" data-id=\"2900cf9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\">Hispanic borrowers continue to expand their market presence, and in 2024 for the first time on record were slightly\u00a0<em>over<\/em>-represented in home purchase lending relative to overall population share. 17.7% of loan originations in 2024 went to a Hispanic borrower, exceeding the 16.8% percent of the overall adult population who identify as Hispanic. In contrast, the Black borrower share of the market remains well below their population representation (8.9%), with declines in key markets like Atlanta, Houston and Washington, DC.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-27adb6c e-con-full e-flex e-con e-child\" data-id=\"27adb6c\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1bbe003 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"1bbe003\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-73010e9 e-con-full e-flex e-con e-child\" data-id=\"73010e9\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a719139 elementor-widget elementor-widget-heading\" data-id=\"a719139\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Resources<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-650d536 elementor-widget elementor-widget-text-editor\" data-id=\"650d536\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"p1\">For the complete series, including videos, interactive visualizations and localized market analysis, visit our 2025 Mortgage Market series\u00a0<a class=\"c-link\" href=\"https:\/\/ncrc.org\/?page_id=253438&amp;preview=1&amp;_ppp=6038dd6536\" target=\"_blank\" rel=\"noopener noreferrer\" data-stringify-link=\"https:\/\/ncrc.org\/?page_id=253438&amp;preview=1&amp;_ppp=6038dd6536\" data-sk=\"tooltip_parent\">homepage<\/a>\u00a0. NCRC members can request customized community data requests as well.\u00a0 Those interested in membership benefits should contact Ralph Cyrus (Membership Engagement Specialist) at\u00a0<a class=\"c-link\" href=\"mailto:rcyrus@ncrc.org\" target=\"_blank\" rel=\"noopener noreferrer\" data-stringify-link=\"mailto:rcyrus@ncrc.org\" data-sk=\"tooltip_parent\" aria-haspopup=\"menu\">rcyrus@ncrc.org<\/a>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-82c5d79 e-con-full e-flex e-con e-child\" data-id=\"82c5d79\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[{&quot;jet_parallax_layout_image&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;_id&quot;:&quot;5b90c5d&quot;,&quot;jet_parallax_layout_image_tablet&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;jet_parallax_layout_image_mobile&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;jet_parallax_layout_speed&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:50,&quot;sizes&quot;:[]},&quot;jet_parallax_layout_type&quot;:&quot;scroll&quot;,&quot;jet_parallax_layout_direction&quot;:&quot;1&quot;,&quot;jet_parallax_layout_fx_direction&quot;:null,&quot;jet_parallax_layout_z_index&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_x&quot;:50,&quot;jet_parallax_layout_bg_x_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_x_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_y&quot;:50,&quot;jet_parallax_layout_bg_y_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_y_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_size&quot;:&quot;auto&quot;,&quot;jet_parallax_layout_bg_size_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_size_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_animation_prop&quot;:&quot;transform&quot;,&quot;jet_parallax_layout_on&quot;:[&quot;desktop&quot;,&quot;tablet&quot;]}]}\">\n\t\t<div class=\"elementor-element elementor-element-c0d0868 elementor-hidden-mobile e-flex e-con-boxed e-con e-child\" data-id=\"c0d0868\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[],&quot;sticky&quot;:&quot;top&quot;,&quot;sticky_on&quot;:[&quot;desktop&quot;,&quot;tablet&quot;],&quot;sticky_offset&quot;:100,&quot;sticky_effects_offset&quot;:0,&quot;sticky_anchor_link_offset&quot;:0}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f6dee76 elementor-widget elementor-widget-heading\" data-id=\"f6dee76\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Mortgage Market Series<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-01ef986 elementor-widget elementor-widget-heading\" data-id=\"01ef986\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/ncrc.org\/mortgage-market-report-series\">Mortgage Market series homepage<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4eaaa0b elementor-widget elementor-widget-heading\" data-id=\"4eaaa0b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/ncrc.org\/mortgage-market-report-series-part-2-lending-trends-by-borrower-and-neighborhood-characteristics\">PART 2: Lending Trends by Borrower and Neighborhood Characteristics<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f69ec95 elementor-widget elementor-widget-heading\" data-id=\"f69ec95\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/ncrc.org\/mortgage-market-report-series-part-3-native-american-and-hawaiian-lending\">PART 3: Native American and Hawaiian Lending<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a15f683 elementor-widget elementor-widget-heading\" data-id=\"a15f683\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Subscribe<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8a9f33b elementor-widget 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implications.<\/p>\n","protected":false},"author":926,"featured_media":254694,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"_acf_changed":false,"_angie_page":false,"content-type":"","_uag_custom_page_level_css":"","_monsterinsights_skip_tracking":false,"site-sidebar-layout":"no-sidebar","site-content-layout":"page-builder","ast-site-content-layout":"full-width-container","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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Richardson","author_link":""},"uagb_comment_info":0,"uagb_excerpt":"Part 1 of NCRC\u2019s 2024 Mortgage Market Report series examines mortgage market trends that have worrying implications.","_links":{"self":[{"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/posts\/256355","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/users\/926"}],"replies":[{"embeddable":true,"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/comments?post=256355"}],"version-history":[{"count":0,"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/posts\/256355\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/media\/254694"}],"wp:attachment":[{"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/media?parent=256355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/categories?post=256355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/tags?post=256355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}