{"id":274522,"date":"2025-12-12T17:35:15","date_gmt":"2025-12-12T22:35:15","guid":{"rendered":"https:\/\/ncrc.org\/?p=274522"},"modified":"2025-12-12T17:37:17","modified_gmt":"2025-12-12T22:37:17","slug":"mortgage-market-report-series-part-6-how-major-builders-serve-their-communities","status":"publish","type":"post","link":"https:\/\/ncrc.org\/mortgage-market-report-series-part-6-how-major-builders-serve-their-communities\/","title":{"rendered":"Mortgage Market Report Series &#8211; Part 6: How Major Builders Serve Their Communities"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"274522\" class=\"elementor elementor-274522\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5e82343 e-flex e-con-boxed e-con e-parent\" data-id=\"5e82343\" 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-2cfe8db elementor-widget elementor-widget-heading\" data-id=\"2cfe8db\" 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-6057fdc e-con-full e-flex e-con e-parent\" data-id=\"6057fdc\" 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-734c43a elementor-widget__width-inherit elementor-widget elementor-widget-n-carousel\" data-id=\"734c43a\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;carousel_items&quot;:[{&quot;slide_title&quot;:&quot;Slide #2&quot;,&quot;_id&quot;:&quot;48d1f94&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-b8f28d8 e-flex e-con-boxed e-con e-child\" data-id=\"b8f28d8\" 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-f8ad9fc e-con-full e-flex elementor-invisible e-con e-child\" data-id=\"f8ad9fc\" 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-76793c6 elementor-widget elementor-widget-text-editor\" data-id=\"76793c6\" 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 6:<\/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-9e36082 elementor-widget elementor-widget-heading\" data-id=\"9e36082\" 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\">How Major Builders Serve Their Communities<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9c09f0e elementor-widget elementor-widget-heading\" data-id=\"9c09f0e\" 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\">Spotlight on top performers delivering real community access\u2014and others whose practices reinforce barriers to homeownership<\/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-a1acc02 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"a1acc02\" 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%3DeyJpZCI6ImQ5NDllNzMiLCJkaXNwbGF5TW9kZSI6Im9wZW4ifQ%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\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;,&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;63680be&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\t\t\t\t<div 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-912966f elementor-widget elementor-widget-off-canvas\" data-id=\"912966f\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;entrance_animation&quot;:&quot;fadeIn&quot;,&quot;exit_animation&quot;:&quot;fadeIn&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-912966f\" class=\"e-off-canvas\" role=\"dialog\" aria-hidden=\"true\" aria-label=\"Off-Canvas Video\" 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-8575f60 e-con-full e-flex e-con e-child\" data-id=\"8575f60\" 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-1be3ee1 elementor-widget elementor-widget-video\" data-id=\"1be3ee1\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;youtube_url&quot;:&quot;https:\\\/\\\/youtu.be\\\/g3VoSrskzno&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-944483e elementor-widget elementor-widget-off-canvas\" data-id=\"944483e\" 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-944483e\" 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-0327148 e-con-full e-flex e-con e-child\" data-id=\"0327148\" 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-5503d98 elementor-view-default elementor-widget elementor-widget-icon\" data-id=\"5503d98\" 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%3DeyJpZCI6Ijk0NDQ4M2UiLCJkaXNwbGF5TW9kZSI6ImNsb3NlIn0%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-d9d81b1 e-con-full e-flex e-con e-child\" data-id=\"d9d81b1\" 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-6d718fc elementor-widget elementor-widget-heading\" data-id=\"6d718fc\" 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 6 Mortgage Market Series: How Major Builders Serve Their Communities<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6826edb elementor-widget elementor-widget-text-editor\" data-id=\"6826edb\" 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-d1a627a elementor-button-align-stretch elementor-widget elementor-widget-form\" data-id=\"d1a627a\" 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=\"274522\"\/>\n\t\t\t<input type=\"hidden\" name=\"form_id\" value=\"d1a627a\"\/>\n\t\t\t<input type=\"hidden\" name=\"referer_title\" value=\"Mortgage Market Report Series - Part 6: How Major Builders Serve Their Communities &raquo; NCRC\" \/>\n\n\t\t\t\t\t\t\t<input type=\"hidden\" name=\"queried_id\" value=\"274522\"\/>\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 style=\"font-weight: 400;\">This article of the Mortgage Market series examines how effectively eight major homebuilder mortgage companies serve their communities when financing new home loans. When you buy a newly built home, you often get your mortgage through the builder&#8217;s own lending company. These builder-lenders have become increasingly important as non-bank lenders firmly dominate home purchase lending across the country.<\/p><p style=\"font-weight: 400;\">We analyzed over 206,000 loans made by homebuilder lenders between 2022 and 2024 by comparing their performance to more than 3 million loans made by other lenders operating in the same markets. This comparison approach ensures we&#8217;re measuring each homebuilder against\u00a0similarly-sized\u00a0competitors in identically situated cities, thus providing a fair assessment of their actual lending practices.<\/p><p style=\"font-weight: 400;\">Our analysis focused on four key areas: how well each lender serves minority and low-income borrowers, whether they operate in diverse neighborhoods, how much they charge in fees and interest rates and how effectively they help families build wealth through homeownership.<\/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-16f8c28 elementor-widget elementor-widget-text-editor\" data-id=\"16f8c28\" 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 of Research<\/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-433bbce elementor-align-center elementor-widget elementor-widget-button\" data-id=\"433bbce\" 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%3DeyJpZCI6Ijk0NDQ4M2UiLCJkaXNwbGF5TW9kZSI6Im9wZW4ifQ%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<div class=\"elementor-element elementor-element-1f23506 e-flex e-con-boxed e-con e-parent\" data-id=\"1f23506\" 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-8440bdd elementor-widget elementor-widget-heading\" data-id=\"8440bdd\" 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-8b19a80 elementor-widget elementor-widget-text-editor\" data-id=\"8b19a80\" 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>. NCRC members can request customized community data requests as well. Those interested in membership benefits should contact Ralph Cyrus (Membership Engagement Specialist) at <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\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-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\">1<\/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\">Top Quartile Leaders<\/span><\/b><span lang=\"EN\">: Lennar Mortgage and DHI Mortgage both achieved A grades, representing the top quartile of homebuilder performance. Lennar excels in community access and neighborhood access to underrepresented demographic groups, while DHI demonstrated strong cost competitiveness and a solid community access performance.<\/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\">2<\/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\">Wealth-Building Excellence<\/span><\/b><span lang=\"EN\">: Most homebuilders successfully helped borrowers achieve property value-to-income ratios between 3.4-3.7, meaning they bought homes worth about 3 \u00bd times their annual income \u2013 a higher value ratio than the average among other, non-builder mortgage providers. This indicates homebuilder lenders offer effective pathways to building wealth for their loan applicants.<\/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-f83999a e-con-full e-flex e-con e-child\" data-id=\"f83999a\" 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-f48f283 elementor-widget elementor-widget-heading\" data-id=\"f48f283\" 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-b86bd96 e-con-full e-flex e-con e-child\" data-id=\"b86bd96\" 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-10af2cb elementor-widget elementor-widget-text-editor\" data-id=\"10af2cb\" 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\">Cost Competition Champions<\/span><\/b><span lang=\"EN\">: Several homebuilder lenders provide superior rates and competitive closing costs compared to their peer lenders. DSLD ($2,740 in client savings) and DHI ($1,796 in client savings) led in cost advantages, while KBHS shows concerning cost patterns with significantly higher costs.<\/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-e9d0407 e-con-full e-flex e-con e-child\" data-id=\"e9d0407\" 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-e9d56b8 elementor-widget elementor-widget-heading\" data-id=\"e9d56b8\" 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-dab34fb e-con-full e-flex e-con e-child\" data-id=\"dab34fb\" 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-cde0dff elementor-widget elementor-widget-text-editor\" data-id=\"cde0dff\" 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\">Strong Community Access<\/span><\/b><span lang=\"EN\">: The top quartile performers (Lennar and DHI) demonstrate that homebuilder lenders can achieve strong community access across multiple dimensions. Second quartile performers (Pulte and DSLD) show competitive performances in specific areas despite some limitations.<\/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-8da3aec e-con-full e-flex e-con e-parent\" data-id=\"8da3aec\" 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-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 style=\"font-weight: 400;\">For each market and year combination, we identified peer lenders with loan counts between 50% and 200% of the homebuilder&#8217;s loan count in that specific market and for that specific year. This ensures fair comparisons by matching homebuilders against\u00a0similarly-sized\u00a0lenders operating in identical market conditions during the same\u00a0time period.<\/p><p style=\"font-weight: 400;\">Our analysis occurs within the context of a rapidly diversifying America. Research shows that<a href=\"https:\/\/www.brookings.edu\/articles\/census-shows-americas-post-2020-population-is-driven-by-diversity-especially-among-the-young\/\" target=\"_blank\" rel=\"noopener\">\u00a0<\/a><a href=\"https:\/\/www.brookings.edu\/articles\/census-shows-americas-post-2020-population-is-driven-by-diversity-especially-among-the-young\/\" target=\"_blank\" rel=\"noopener\">people of color now drive virtually all new US population growth<\/a>, with Hispanic Americans contributing to 91% of the nation&#8217;s 3.4 million person increase during the 2020-2023 period. This demographic shift makes fair access to homeownership financing increasingly critical for America&#8217;s economic future, as explored in<a href=\"https:\/\/ncrc.org\/mortgage-market-report-series-part-2-lending-trends-by-borrower-and-neighborhood-characteristics\/\">\u00a0<\/a><a href=\"https:\/\/ncrc.org\/mortgage-market-report-series-part-2-lending-trends-by-borrower-and-neighborhood-characteristics\/\">Part 2 of our Mortgage Market Report series<\/a>.<\/p><p style=\"font-weight: 400;\">NCRC members can request detailed reports on a variety of research-based subjects by contacting NCRC\u2019s Senior Director of Research Jason Richardson (jrichardson@ncrc.org).<\/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-36246eb elementor-widget elementor-widget-heading\" data-id=\"36246eb\" 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\">Performance Indices<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-aca63a2 elementor-widget elementor-widget-text-editor\" data-id=\"aca63a2\" 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;\">At the core of this analysis is a grading framework based on the four indices described below, with lenders assigned letter grades from A to F. This establishes a clear benchmark to compare lending between the homebuilder lenders.<\/p><p style=\"font-weight: 400;\">These four metrics combine data from the Home Mortgage Disclosure Act (HMDA) database to assess the impact of lenders in four main categories:<\/p><ul><li style=\"font-weight: 400;\"><u>Underrepresented Communities Index<\/u>: Measures service to Asian, Black, Hispanic and low- to moderate-income (LMI) borrowers.<\/li><li style=\"font-weight: 400;\"><u>Neighborhood Access Index<\/u>: Shows service rates to low-income and majority-minority census tracts.<\/li><li style=\"font-weight: 400;\"><u>Closing Cost Index<\/u>: Shows combined closing charges and rate spread performance relative to peers.<\/li><li style=\"font-weight: 400;\"><u>Wealth-Building Power Index<\/u>: Measures property value-to-income ratios, indicating effectiveness at helping families build home equity.<\/li><\/ul><p style=\"font-weight: 400;\">This allows us to mitigate the impact of different physical footprints and population sizes and present a clear picture of how these lenders perform in their own unique context compared to others in similar contexts.<\/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-1758665 elementor-widget elementor-widget-heading\" data-id=\"1758665\" 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\">Methodology<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8f2bc65 elementor-widget elementor-widget-text-editor\" data-id=\"8f2bc65\" 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;\">Our analysis uses HMDA data for the 2022-2024 period focused on each homebuilder&#8217;s top 10 markets where at least 1,000 loans originated. We compared four composite indices (Underrepresented Communities, Neighborhood Access, Closing Cost and Wealth-Building Power) weighted by loan volume. Please visit the end of this report for the detailed methodology.<\/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-d88c97e elementor-widget elementor-widget-heading\" data-id=\"d88c97e\" 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\">The Grades<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c8fd76b elementor-widget elementor-widget-text-editor\" data-id=\"c8fd76b\" 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;\">In this report, we have employed a grading system to assess the impact of each builder-lender in their context more clearly. No lender failed this test, but in some cases this grading system did reveal areas for improvement. Wealth-building via new home construction is still possible at scale even for working class families:<\/p><ul><li style=\"font-weight: 400;\"><strong>A<\/strong>:\u00a0<u>Top quartile performance (Ranks 1-2)<\/u>cConsistently outperforms peer lenders across multiple measures<\/li><li style=\"font-weight: 400;\"><strong>B<\/strong>:\u00a0<u>Second quartile performance (Ranks 3-4)<\/u>: Generally competitive with notable strengths<\/li><li style=\"font-weight: 400;\"><strong>C<\/strong>:\u00a0<u>Third quartile performance (Ranks 5-6)<\/u>: Mixed performance with concerning gaps<\/li><li style=\"font-weight: 400;\"><strong>D<\/strong>:\u00a0<u>Bottom quartile performance (Ranks 7-8)<\/u>: Consistently underperforms on critical measures<\/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-835f758 elementor-widget elementor-widget-heading\" data-id=\"835f758\" 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\">Individual Homebuilder Performance<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-90e4b83 elementor-widget elementor-widget-text-editor\" data-id=\"90e4b83\" 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;\">We examined each lender individually and ranked each by their loan volume during the study period. Each lender&#8217;s performance is compared to peer lenders operating in the same communities. Peer lenders are defined as those reporting loan volumes between 50% and 200% of the target builder-lender&#8217;s home purchase loans in shared markets.<\/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-37d241c elementor-widget elementor-widget-menu-anchor\" data-id=\"37d241c\" 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\t\t<div class=\"elementor-element elementor-element-fc993fe elementor-widget elementor-widget-html\" data-id=\"fc993fe\" 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=\"Overall Grades\" aria-label=\"Table\" id=\"datawrapper-chart-aw68p\" src=\"https:\/\/datawrapper.dwcdn.net\/aw68p\/5\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"541\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">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}}});<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-62769a6 elementor-widget elementor-widget-text-editor\" data-id=\"62769a6\" 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;\">While builders operate under different business models than traditional lenders, this variation affects all builders consistently. The comparison measures relative performance by evaluating how much each builder leads, or\u00a0<span class=\"GramE\">lags behind<\/span>, their peers compared to other builders in the study. This approach assesses the degree of difference rather than the absolute performance level they have against their peers, providing a standardized way to evaluate builder performance across different market conditions.<\/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-697de06 elementor-widget elementor-widget-heading\" data-id=\"697de06\" 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\">DHI Mortgage Company (D.R. Horton) - 75,268 Loans<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-578f74c elementor-widget elementor-widget-text-editor\" data-id=\"578f74c\" 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;\"><i><strong><span lang=\"EN\">Markets<\/span><\/strong><span lang=\"EN\">: Atlanta, Austin, TX, Dallas-Fort Worth, Houston, Jacksonville, FL, Myrtle Beach, FL, Orlando, FL, Phoenix, San Antonio, Tampa, FL<\/span><\/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-7771434 elementor-widget elementor-widget-text-editor\" data-id=\"7771434\" 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;\"><b><span lang=\"EN\">Overall Grade: A<\/span><\/b><\/p><p style=\"font-weight: 400;\">DHI ranks in the top quartile with strong cost competitiveness and solid community access performance, though it shows a gap in neighborhood access when it comes to low-income areas. Their homes are less expensive than the homes that their peers are financing and they are charging less in both closing fees and interest rates than those peers as well:<\/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-8504c66 elementor-widget elementor-widget-menu-anchor\" data-id=\"8504c66\" 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-fb583d1 elementor-widget elementor-widget-html\" data-id=\"fb583d1\" 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=\"D.R. Horton (DHI)\" aria-label=\"Table\" id=\"datawrapper-chart-bDYel\" src=\"https:\/\/datawrapper.dwcdn.net\/bDYel\/5\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"380\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">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}}});<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b90c24d elementor-widget elementor-widget-text-editor\" data-id=\"b90c24d\" 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;\"><em><strong>Note:<\/strong> This analysis focuses on Asian, Black and Hispanic borrowers. We do not highlight Native American and Pacific Islander\/Native Hawaiian borrowers due to their small homebuilder lending numbers. However, a detailed analysis of lending patterns to these communities is available in<\/em><a href=\"https:\/\/ncrc.org\/mortgage-market-report-series-part-3-native-american-and-hawaiian-lending\/\"><em>\u00a0<\/em><\/a><a href=\"https:\/\/ncrc.org\/mortgage-market-report-series-part-3-native-american-and-hawaiian-lending\/\"><em>Part 3 of our Mortgage Market series<\/em><\/a><em>.<\/em><\/p><p style=\"font-weight: 400;\">DHI&#8217;s financial profile shows a focus on affordable housing by serving borrowers with lower incomes while providing superior rates and significant cost savings:<\/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-fc12d4f elementor-widget elementor-widget-menu-anchor\" data-id=\"fc12d4f\" 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\t\t<div class=\"elementor-element elementor-element-0f4ee71 elementor-widget elementor-widget-html\" data-id=\"0f4ee71\" 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=\"D.R. Horton (DHI)\" aria-label=\"Small multiple column chart\" id=\"datawrapper-chart-0jlDE\" src=\"https:\/\/datawrapper.dwcdn.net\/0jlDE\/4\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"584\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">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}}});<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c185069 elementor-widget elementor-widget-text-editor\" data-id=\"c185069\" 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>Key Strengths<\/strong><\/p><p style=\"font-weight: 400;\">DHI provides exceptional cost advantages and serves diverse borrower communities effectively. The company charges nearly $1,800 less in total costs than comparable lenders while providing excellent interest rates. DHI consistently serves borrowers with lower incomes compared to other lenders in the same areas and demonstrates solid performance levels across most demographic groups.<\/p><p style=\"font-weight: 400;\"><strong>Areas for Improvement<\/strong><\/p><p style=\"font-weight: 400;\">DHI shows concerning underperformance when it comes to neighborhood access, particularly\u00a0in\u00a0\u00a0low-income census tracts. The company operates less frequently in working class neighborhoods compared to its peer lenders, which limits its broader community impact despite having strong borrower-level demographics.<\/p><p style=\"font-weight: 400;\"><strong>Notable Metro Performance<\/strong><\/p><p style=\"font-weight: 400;\">DHI performs particularly well in markets with significant minority populations. In Atlanta, the company serves Black borrowers at levels that align with the area&#8217;s diverse demographic composition. Their Texas markets show a strong Hispanic lending performance, which corresponds with the rapid Hispanic population growth driving demographic change across the Sun Belt region. This dynamic is documented in<a href=\"https:\/\/ncrc.org\/mortgage-market-report-series-part-4-mortgage-lending-across-american-cities\/\">\u00a0more detail in\u00a0<\/a><a href=\"https:\/\/ncrc.org\/mortgage-market-report-series-part-4-mortgage-lending-across-american-cities\/\">Part 4 of our Mortgage Market series, which focuses on mortgage lending across American cities<\/a>.<\/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-3ed7df2 elementor-widget elementor-widget-heading\" data-id=\"3ed7df2\" 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\">Lennar Mortgage - 57,602 Loans<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2fb1e70 elementor-widget elementor-widget-text-editor\" data-id=\"2fb1e70\" 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;\"><em><strong>Markets:<\/strong> Austin, TX, Dallas-Fort Worth, Denver, Houston, Las Vegas, Miami, Orlando, FL, Phoenix, Riverside, CA, San Antonio, Tampa, FL<\/em><\/p><p style=\"font-weight: 400;\"><strong>Overall Grade: A<\/strong><\/p><p style=\"font-weight: 400;\">Lennar achieved a top quartile performance due to its exceptional service to underrepresented communities and maintaining strong neighborhood access while providing competitive wealth-building opportunities for borrowers:<\/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-68bc35e elementor-widget elementor-widget-menu-anchor\" data-id=\"68bc35e\" 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-24295c0 elementor-widget elementor-widget-html\" data-id=\"24295c0\" 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=\"Lennar Homes\" aria-label=\"Table\" id=\"datawrapper-chart-sCXPp\" src=\"https:\/\/datawrapper.dwcdn.net\/sCXPp\/5\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"380\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">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}}});<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-602c9f2 elementor-widget elementor-widget-text-editor\" data-id=\"602c9f2\" 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;\">Lennar charges higher costs than its\u00a0<span class=\"GramE\">peers, but<\/span> has an exceptional rate of performance when it comes to serving lower-income borrowers. The closing costs Lennar reports are substantial, but their rates are exceptionally good. They are also enabling lower-income consumers to purchase homes worth almost as much as their peers:<\/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-4e0e8ba elementor-widget elementor-widget-menu-anchor\" data-id=\"4e0e8ba\" 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-70f1456 elementor-widget elementor-widget-html\" data-id=\"70f1456\" 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=\"Lennar Homes\" aria-label=\"Small multiple column chart\" id=\"datawrapper-chart-Gcx3w\" src=\"https:\/\/datawrapper.dwcdn.net\/Gcx3w\/4\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"580\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">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}}});<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d8cc1cc elementor-widget elementor-widget-text-editor\" data-id=\"d8cc1cc\" 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>Key Strengths<\/strong><\/p><p style=\"font-weight: 400;\">Lennar excels at serving Hispanic communities while providing exceptional interest rates. The company serves Hispanic borrowers at much higher rates than other lenders in the same markets and operates extensively in diverse neighborhoods. Despite charging higher upfront costs than some of the other builders, Lennar provides some of the best interest rates available that will benefit borrowers over the life of their loans. The company demonstrates the strongest overall performance in the Underrepresented Communities Index and ranks highly in the Neighborhood Access Index.<\/p><p style=\"font-weight: 400;\"><strong>Areas for Improvement<\/strong><\/p><p style=\"font-weight: 400;\">While Lennar provides excellent rates, borrowers face higher upfront costs that may create barriers for some homebuyers. This is not always a bad thing. Higher closing fees are driven in part by discount points, which drive the interest rate down in exchange for a higher cost upfront. In the long term, this can mean substantial savings for the borrower.<\/p><p style=\"font-weight: 400;\"><strong>Notable Metro Performance<\/strong><\/p><p style=\"font-weight: 400;\">Lennar performs strongest in Texas markets (San Antonio and Houston in particular) where the company serves Hispanic communities at levels that reflect the rapid Hispanic population growth transforming these metropolitan areas. This was explored at length in<a href=\"https:\/\/ncrc.org\/mortgage-market-report-series-part-4-mortgage-lending-across-american-cities\/\">\u00a0<\/a><a href=\"https:\/\/ncrc.org\/mortgage-market-report-series-part-4-mortgage-lending-across-american-cities\/\">Part 4 of our series<\/a>. However, Miami represents a missed opportunity as the company underperforms in serving the area&#8217;s large Hispanic population despite operating in this highly diverse market. Undoubtedly, the high cost nature of this market plays a role as well.<\/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-95270a0 elementor-widget elementor-widget-heading\" data-id=\"95270a0\" 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\">Pulte Mortgage - 23,452 Loans<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-788327a elementor-widget elementor-widget-text-editor\" data-id=\"788327a\" 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;\"><em><strong>Markets:<\/strong> Atlanta, Austin, TX, Charlotte, NC, Dallas-Fort Worth, Houston, Las Vegas, North Port-Sarasota, FL, Orlando, FL, Phoenix, San Antonio<\/em><\/p><p style=\"font-weight: 400;\"><strong>Overall Grade: B<\/strong><\/p><p style=\"font-weight: 400;\">Pulte ranks in the second quartile with competitive cost savings and strong Asian representation, demonstrating solid performance despite some gaps in serving underrepresented communities and expanding neighborhood access rates. In particular, LMI borrowers and census tracts are poorly served by Pulte:<\/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-b587e9c elementor-widget elementor-widget-menu-anchor\" data-id=\"b587e9c\" 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-146e67c elementor-widget elementor-widget-html\" data-id=\"146e67c\" 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=\"Pulte Homes\" aria-label=\"Table\" id=\"datawrapper-chart-Dq22u\" src=\"https:\/\/datawrapper.dwcdn.net\/Dq22u\/4\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"380\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">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}}});<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-91b1bff elementor-widget elementor-widget-menu-anchor\" data-id=\"91b1bff\" 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=\"fig07\"><\/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-cdf6355 elementor-widget elementor-widget-html\" data-id=\"cdf6355\" 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=\"Pulte Homes\" aria-label=\"Small multiple column chart\" id=\"datawrapper-chart-u9zhH\" src=\"https:\/\/datawrapper.dwcdn.net\/u9zhH\/4\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"576\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">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}}});<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8bbbfda elementor-widget elementor-widget-text-editor\" data-id=\"8bbbfda\" 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>Key Strengths<\/strong><\/p><p style=\"font-weight: 400;\">Pulte shows strong performance in the Asian borrower segment and provides competitive pricing for borrowers who qualify for its services.<\/p><p style=\"font-weight: 400;\"><strong>Areas for Improvement<\/strong><\/p><p style=\"font-weight: 400;\">Pulte operates primarily in affluent market segments and shows gaps in serving Hispanic, low-income and diverse neighborhood communities, creating barriers for broad community access.<\/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-a620d44 elementor-widget elementor-widget-heading\" data-id=\"a620d44\" 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\">KBHS Home Loans (KB Home) - 18,457 Loans<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ec73566 elementor-widget elementor-widget-text-editor\" data-id=\"ec73566\" 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;\"><em><strong>Markets:<\/strong> Austin, TX, Dallas-Fort Worth, Denver, Inland Empire, CA, Las Vegas, Orlando, FL, Phoenix, Riverside, CA, Sacramento, CA, San Antonio<\/em><\/p><p style=\"font-weight: 400;\"><strong>Overall Grade: C<\/strong><\/p><p style=\"font-weight: 400;\">KBHS ranks in the third quartile with an exceptional neighborhood access performance, particularly in majority-minority communities. However, their loans come with substantially higher closing costs, which could create significant financial barriers for borrowers:<\/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-774e396 elementor-widget elementor-widget-menu-anchor\" data-id=\"774e396\" 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=\"Fig08\"><\/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-36ac965 elementor-widget elementor-widget-html\" data-id=\"36ac965\" 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=\"KB Home (KBHS)\" aria-label=\"Table\" id=\"datawrapper-chart-GluPB\" src=\"https:\/\/datawrapper.dwcdn.net\/GluPB\/4\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"380\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">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}}});<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-35e191a elementor-widget elementor-widget-menu-anchor\" data-id=\"35e191a\" 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=\"Fig09\"><\/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-40b1a2c elementor-widget elementor-widget-html\" data-id=\"40b1a2c\" 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=\"KB Homes (KBHS)\" aria-label=\"Small multiple column chart\" id=\"datawrapper-chart-M4ttr\" src=\"https:\/\/datawrapper.dwcdn.net\/M4ttr\/4\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"556\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">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}}});<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-88d8cb6 elementor-widget elementor-widget-text-editor\" data-id=\"88d8cb6\" 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>Key Strengths<\/strong><\/p><p style=\"font-weight: 400;\">KBHS had the strongest neighborhood access performance among all homebuilder lenders, with nearly 70% of its loans being made in majority-minority communities. The company serves diverse communities well (particularly Asian and Black borrowers) by providing competitive interest rates.<\/p><p style=\"font-weight: 400;\"><strong>Significant Concerns<\/strong><\/p><p style=\"font-weight: 400;\">KBHS charges the highest closing costs among all homebuilders at $19,585 compared to $11,385 for its peers, creating substantial financial barriers for new homebuyers. The company underserves low-income borrowers despite having strong demographic representation in other areas. KBHS reports having higher interest rates than some builders while still offering far better rates than its peer lenders.<\/p><p style=\"font-weight: 400;\"><strong>Notable Metro Performance<\/strong><\/p><p style=\"font-weight: 400;\">KBHS performed well in markets with significant Asian populations, particularly in California. However, the company&#8217;s extremely\u00a0high cost\u00a0structure severely limits access despite strong community representation patterns.<\/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-74cd804 elementor-widget elementor-widget-heading\" data-id=\"74cd804\" 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\">Taylor Morrison Home Funding - 15,223 Loans<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-473bfe0 elementor-widget elementor-widget-text-editor\" data-id=\"473bfe0\" 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;\"><em><strong>Markets:<\/strong> Austin, TX, Charlotte, NC, Dallas-Fort Worth, Denver, Orlando, FL, Phoenix, Raleigh, NC, Sacramento, CA, San Antonio, Tampa, FL<\/em><\/p><p style=\"font-weight: 400;\"><strong>Overall Grade: C<\/strong><\/p><p style=\"font-weight: 400;\">Taylor Morrison ranks in the third quartile with excellent Asian community representation, but shows gaps in serving other underrepresented communities while charging higher closing costs:<\/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-99f9485 elementor-widget elementor-widget-menu-anchor\" data-id=\"99f9485\" 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=\"fig10\"><\/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-b473b27 elementor-widget elementor-widget-html\" data-id=\"b473b27\" 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=\"Taylor Morrison\" aria-label=\"Table\" id=\"datawrapper-chart-8uRsi\" src=\"https:\/\/datawrapper.dwcdn.net\/8uRsi\/4\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"380\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">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}}});<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2f22f3b elementor-widget elementor-widget-menu-anchor\" data-id=\"2f22f3b\" 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=\"fig11\"><\/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-e8d175d elementor-widget elementor-widget-html\" data-id=\"e8d175d\" 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=\"Taylor Morrison\" aria-label=\"Small multiple column chart\" id=\"datawrapper-chart-Aay3r\" src=\"https:\/\/datawrapper.dwcdn.net\/Aay3r\/4\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"561\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">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}}});<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5a05e3f elementor-widget elementor-widget-text-editor\" data-id=\"5a05e3f\" 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>Key Strengths<\/strong><\/p><p style=\"font-weight: 400;\">Taylor Morrison leads all homebuilders in serving Asian communities and provides competitive interest rates in its markets.<\/p><p style=\"font-weight: 400;\"><strong>Areas for Improvement<\/strong><\/p><p style=\"font-weight: 400;\">The company shows concerning gaps in serving Hispanic, LMI borrowers and low-income communities while operating primarily in affluent market segments. In most metrics, Taylor Morrison underperforms its peers.<\/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-d7ac5d7 elementor-widget elementor-widget-heading\" data-id=\"d7ac5d7\" 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\">K. Hovnanian American Mortgage - 6,098 Loans<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-24686be elementor-widget elementor-widget-text-editor\" data-id=\"24686be\" 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;\"><em><strong>Markets:<\/strong> Dallas-Fort Worth, Houston, Phoenix, Washington, DC<\/em><\/p><p style=\"font-weight: 400;\"><strong>Overall Grade: D<\/strong><\/p><p>K. Hovnanian ranks in the bottom quartile with competitive interest rates, but shows a trend of concerning performance and high premium costs when it comes to underrepresented communities:<\/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-458448a elementor-widget elementor-widget-menu-anchor\" data-id=\"458448a\" 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=\"fig12\"><\/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-95839a7 elementor-widget elementor-widget-html\" data-id=\"95839a7\" 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=\"K. Hovnanian Homes\" aria-label=\"Table\" id=\"datawrapper-chart-CdaMy\" src=\"https:\/\/datawrapper.dwcdn.net\/CdaMy\/5\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"380\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">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}}});<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d501ba2 elementor-widget elementor-widget-menu-anchor\" data-id=\"d501ba2\" 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=\"fig13\"><\/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-1d5e772 elementor-widget elementor-widget-html\" data-id=\"1d5e772\" 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=\"K. Hovnanian Homes\" aria-label=\"Small multiple column chart\" id=\"datawrapper-chart-GedVs\" src=\"https:\/\/datawrapper.dwcdn.net\/GedVs\/5\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"573\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">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}}});<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ef57b24 elementor-widget elementor-widget-text-editor\" data-id=\"ef57b24\" 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>Key Strengths<\/strong><\/p><p>K. Hovnanian shows strong Asian community representation and provides competitive interest rates.<\/p><p style=\"font-weight: 400;\"><strong>Significant Concerns<\/strong><\/p><p style=\"font-weight: 400;\">The company shows the largest gaps in serving underrepresented communities while charging substantial premium costs, raising serious fair lending concerns.<\/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-115c6d9 elementor-widget elementor-widget-heading\" data-id=\"115c6d9\" 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\">Mattamy Home Funding - 5,713 Loans<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3414e4b elementor-widget elementor-widget-text-editor\" data-id=\"3414e4b\" 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;\"><em><strong>Markets:<\/strong> Austin, TX, Charlotte, NC, Dallas-Fort Worth, Jacksonville, FL, Orlando, FL, Phoenix, Raleigh, NC, Sarasota, FL, Tampa, FL<\/em><\/p><p style=\"font-weight: 400;\"><strong>Overall Grade: D<\/strong><\/p><p style=\"font-weight: 400;\">Mattamy ranks in the bottom quartile for several reasons. While their interest rates are better than their peer lenders, it is not as competitive as several other builders in this group. With substantially higher closing costs and borrower income nearly identical to peers, it is not a surprise that they underperformed when it comes to lending to LMI borrowers by 9 percentage points:<\/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-8819165 elementor-widget elementor-widget-menu-anchor\" data-id=\"8819165\" 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=\"Fig14\"><\/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-d726ae9 elementor-widget elementor-widget-html\" data-id=\"d726ae9\" 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=\"Mattamy Homes\" aria-label=\"Table\" id=\"datawrapper-chart-c4zMb\" src=\"https:\/\/datawrapper.dwcdn.net\/c4zMb\/4\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"380\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">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}}});<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1ab8e14 elementor-widget elementor-widget-menu-anchor\" data-id=\"1ab8e14\" 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=\"Fig15\"><\/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-80632c0 elementor-widget elementor-widget-html\" data-id=\"80632c0\" 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=\"Mattamy Homes\" aria-label=\"Small multiple column chart\" id=\"datawrapper-chart-yEyQA\" src=\"https:\/\/datawrapper.dwcdn.net\/yEyQA\/4\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"573\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">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}}});<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6e475f1 elementor-widget elementor-widget-text-editor\" data-id=\"6e475f1\" 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>Key Strengths<\/strong><\/p><p style=\"font-weight: 400;\">Mattamy shows balanced demographic representation and provides competitive interest rates.<\/p><p style=\"font-weight: 400;\"><strong>Significant Concerns<\/strong><\/p><p style=\"font-weight: 400;\">The company shows concerning gaps in neighborhood access performance among all homebuilders by operating primarily in affluent areas while charging substantially higher closing costs.<\/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-03efcea elementor-widget elementor-widget-heading\" data-id=\"03efcea\" 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\">DSLD Mortgage - 5,151 Loans<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4b87a6d elementor-widget elementor-widget-text-editor\" data-id=\"4b87a6d\" 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;\"><em><strong>Markets:<\/strong> Baton Rouge, LA, Jackson, MS, Lafayette, LA, Mobile, AL, New Orleans<\/em><\/p><p style=\"font-weight: 400;\"><strong>Overall Grade: B<\/strong><\/p><p style=\"font-weight: 400;\">DSLD ranks in the second quartile with exceptional cost savings and strong Black community representation in its Southern Gulf regional markets, while showing limitations in neighborhood access across some underrepresented community measures:<\/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-9f7b503 elementor-widget elementor-widget-menu-anchor\" data-id=\"9f7b503\" 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=\"Fig16\"><\/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-45ec392 elementor-widget elementor-widget-html\" data-id=\"45ec392\" 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=\"DSLD Homes\" aria-label=\"Table\" id=\"datawrapper-chart-zfQ9q\" src=\"https:\/\/datawrapper.dwcdn.net\/zfQ9q\/3\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"380\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">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}}});<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-53cec2b elementor-widget elementor-widget-menu-anchor\" data-id=\"53cec2b\" 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=\"Fig17\"><\/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-17b3237 elementor-widget elementor-widget-html\" data-id=\"17b3237\" 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=\"DSLD Homes\" aria-label=\"Small multiple column chart\" id=\"datawrapper-chart-cWaX7\" src=\"https:\/\/datawrapper.dwcdn.net\/cWaX7\/4\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"602\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">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}}});<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2cc876a elementor-widget elementor-widget-text-editor\" data-id=\"2cc876a\" 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>Key Strengths<\/strong><\/p><p style=\"font-weight: 400;\">DSLD provides the largest cost savings among all homebuilders ($2,740 per loan) while serving Black communities effectively in Southern Gulf markets. The company offers strong cost competitiveness and targeted community access within its regional specialization.<\/p><p style=\"font-weight: 400;\"><strong>Areas for Improvement<\/strong><\/p><p style=\"font-weight: 400;\">Despite strong Black community representation, DSLD operates primarily in less diverse neighborhoods overall and serves fewer low-income borrowers than its peer lenders by some measures.<\/p><p style=\"font-weight: 400;\"><strong>Notable Metro Performance<\/strong><\/p><p style=\"font-weight: 400;\">Baton Rouge demonstrates strong Black community representation with substantial cost savings, while New Orleans shows a solid performance in Louisiana&#8217;s most diverse market.<\/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-39bb0dc elementor-widget elementor-widget-heading\" data-id=\"39bb0dc\" 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 Findings and Market Patterns<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c19ae1b elementor-widget elementor-widget-text-editor\" data-id=\"c19ae1b\" 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 analysis reveals a stark divide in how homebuilder lenders approach community wealth-building, with performance varying dramatically based on builder-lender\u2019s corporate strategy and geographic focus. This variation underscores why our peer comparison methodology, which evaluates each lender against similar-sized competitors in identical markets, provides such crucial insights into actual lending practices.<\/p><p style=\"font-weight: 400;\">Lennar Mortgage and DHI Mortgage stand out as industry leaders, with both earning A grades through simultaneously serving underrepresented communities and effectively maintaining competitive business practices. Their success takes different forms, with Lennar excelling in comprehensive community access across diverse demographic groups. DHI achieved exceptional cost competitiveness by providing nearly $1,800 in savings per loan compared to its peer lenders. These top performers prove that integrated builder-lender models can\u00a0create pathways\u00a0to homeownership for low- and moderate-income families and communities of color.<\/p><p style=\"font-weight: 400;\">The middle tier of lenders analyzed tells a story of focused specialization rather than comprehensive community service. Pulte Mortgage and DSLD Mortgage both earned B grades through distinct regional and demographic strategies. Pulte offers very competitive pricing, averaging loan rates 57 basis points below the market average (the lowest interest rates offered by all other builders in this report). DSLD delivers exceptional cost savings of $2,740 per loan while serving Black communities effectively in their Southern Gulf markets. These approaches demonstrate viable pathways towards solid community performance, although they fall short of the comprehensive access achieved by top performers.<\/p><p style=\"font-weight: 400;\">Perhaps most concerning is that the bottom tier lenders reveal how geographic market selection can mask, or enable, exclusionary lending practices. KBHS charges closing costs topping $19,585 compared to just $11,385 by its peer lenders, creating substantial barriers despite its strong neighborhood access performance. Meanwhile, both K. Hovnanian and Mattamy operate primarily in affluent market segments and show the largest gaps in serving underrepresented communities while charging premium costs.<\/p><p style=\"font-weight: 400;\">This performance spectrum demonstrates that homebuilder lenders face a fundamental choice: using their integrated model to expand homeownership opportunities for underserved\u00a0communities, or\u00a0concentrating themselves in premium markets that limit access to wealth-building opportunities for all aspiring homeowners. The wide variation in outcomes, even when controlling for market conditions through peer comparisons, suggests these differences reflect deliberate business strategies rather than external constraints.<\/p><p style=\"font-weight: 400;\">The policy implications are clear. As discussed in<a href=\"https:\/\/ncrc.org\/mortgage-market-report-series-part-1-introduction-to-mortgage-market-trends\/\">\u00a0<\/a><a href=\"https:\/\/ncrc.org\/mortgage-market-report-series-part-1-introduction-to-mortgage-market-trends\/\">Part 1 of our series<\/a>, non-bank lenders now dominate mortgage markets without the same regulatory oversight that traditional banks face. The concerning patterns of premium market concentration among some homebuilders warrant enhanced regulatory attention to ensure compliance with fair lending requirements and Community Reinvestment Act principles.<\/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-a8b9952 elementor-widget elementor-widget-heading\" data-id=\"a8b9952\" 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\">Appendix A: Homebuilder Mortgage Company Grading Methodology<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8969974 elementor-widget elementor-widget-heading\" data-id=\"8969974\" 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\">Overview<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a9caa82 elementor-widget elementor-widget-text-editor\" data-id=\"a9caa82\" 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 methodology used to evaluate homebuilder mortgage companies centered on a four-index system based on Home Mortgage Disclosure Act (HMDA) data from the 2018-2024 period. All calculations use loan-volume weighted national averages and z-score standardizations to ensure fair weighting across indices and allow for independent verification.<\/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-ffac789 elementor-widget elementor-widget-heading\" data-id=\"ffac789\" 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\">Methodology<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e966088 elementor-widget elementor-widget-text-editor\" data-id=\"e966088\" 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>Data Sources<\/strong><\/p><p style=\"font-weight: 400;\">Our analysis uses mortgage lending data captured by the Consumer Financial Protection Bureau (CFPB) as part of the HMDA dataset. The HMDA data used covers approximately 88% of the US mortgage market and includes detailed information about loan applications, approvals and terms.<\/p><p style=\"font-weight: 400;\"><strong>Primary Data Sources:<\/strong><\/p><ul><li style=\"font-weight: 400;\">Home Mortgage Disclosure Act (HMDA) data from all reporting financial institutions<\/li><li style=\"font-weight: 400;\">FFIEC Census demographic and income data (modified Census Bureau data prepared specifically for banking analysis)<\/li><li style=\"font-weight: 400;\">Federal regulatory data on lender classifications<\/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-e5ab2d7 elementor-widget elementor-widget-heading\" data-id=\"e5ab2d7\" 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\">What Loans We Analyzed<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c2d9750 elementor-widget elementor-widget-text-editor\" data-id=\"c2d9750\" 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;\">Unless otherwise noted, our analysis focuses on loans for\u00a0<strong>owner-occupied, single-family homes<\/strong>\u00a0(1-4 units). This includes:<\/p><ul><li style=\"font-weight: 400;\">Homes people buy to live in themselves<\/li><li style=\"font-weight: 400;\">Traditional single-family houses, townhomes and small, multi-unit properties<\/li><li style=\"font-weight: 400;\">Site-built homes (not manufactured homes)<\/li><li style=\"font-weight: 400;\">Conforming loans only (loans eligible for purchase by Government Sponsored Enterprises (GSEs) like Fannie Mae and Freddie Mac, excluding jumbo loans)<\/li><li>Enterprises (GSEs) like Fannie Mae and Freddie Mac, excluding jumbo loans)<\/li><\/ul><p style=\"font-weight: 400;\">Jumbo loans serve higher-income borrowers in premium market segments and would introduce unnecessary confusion into the wealth-building and community access metrics by skewing average borrower incomes and property values upward.<\/p><p style=\"font-weight: 400;\">We excluded investment properties, large apartment buildings, vacant land purchases and jumbo loans\u00a0in order to\u00a0focus on traditional homeownership patterns and mainstream mortgage products that serve typical homebuyers.<\/p><p><strong>Missing Race and Ethnicity Data<\/strong><\/p><p style=\"font-weight: 400;\">We exclude loans without demographic information from our racial and ethnic analysis.<\/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-6f6eb35 elementor-widget elementor-widget-heading\" data-id=\"6f6eb35\" 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\">Standard Methods 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-af63798 elementor-widget elementor-widget-text-editor\" data-id=\"af63798\" 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>Cost Per Dollar<\/strong><\/p><p style=\"font-weight: 400;\">This metric shows the total amount borrowers pay over the life of a 30-year loan for each dollar they borrowed, including both monthly payments and upfront costs. For example, a Cost Per Dollar of $2.30 means a borrower pays $2.30 over 30 years for every $1.00 they borrowed initially.<\/p><p><strong>Interest Rate Analysis<\/strong><\/p><p style=\"font-weight: 400;\">We analyzed both the actual interest rates borrowers received and the &#8220;rate spread,&#8221; or how much\u00a0higher, or\u00a0lower their rate was compared to typical market rates on the day they got their loan. This helps us compare loans made at different times when overall interest rates were changing.<\/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-5b50a4c elementor-widget elementor-widget-heading\" data-id=\"5b50a4c\" 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\">How We Measure Disparities<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7e5aa85 elementor-widget elementor-widget-text-editor\" data-id=\"7e5aa85\" 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>Gap Calculations<\/strong><\/p><p style=\"font-weight: 400;\">When we analyze lending gaps between groups, we show the difference in percentage points. For example, if 70% of White applicants are approved for home loans, but only 60% of Black applicants are approved, we report this as a\u00a010 percentage\u00a0point gap.<\/p><p><strong>Market Share Analysis<\/strong><\/p><p style=\"font-weight: 400;\">We calculate each group&#8217;s share of total lending by dividing the number of loans made to that group by the total number of loans overall. We excluded loans where demographic information is missing.<\/p><p><strong>Year-over-Year Changes<\/strong><\/p><p style=\"font-weight: 400;\">We calculate percentage changes from one year to the next to identify trends and measure whether disparities are growing or shrinking over time.<\/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-fee4982 elementor-widget elementor-widget-heading\" data-id=\"fee4982\" 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\">Geographic Analysis<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c268fdc elementor-widget elementor-widget-text-editor\" data-id=\"c268fdc\" 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>Our analysis uses US Census Bureau Core-Based Statistical Area (CBSA) definitions current at the time of the analysis. CBSAs include both Metropolitan Statistical Areas and Micropolitan Statistical Areas. When comparing data across years, we note when census tract boundaries changed (usually every ten years) as this can affect geographic comparisons.<\/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-d68d8e5 elementor-widget elementor-widget-heading\" data-id=\"d68d8e5\" 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 Limitations<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-05970dd elementor-widget elementor-widget-text-editor\" data-id=\"05970dd\" 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>Coverage<\/strong><\/p><ul><li style=\"font-weight: 400;\">HMDA covers about 88% of the US mortgage\u00a0market, but\u00a0excludes some smaller lenders.<\/li><li style=\"font-weight: 400;\">Some borrowers chose not to provide demographic information.<\/li><li style=\"font-weight: 400;\">Purchased loan data often lacks demographic details due to regulatory gaps.<\/li><\/ul><p><strong>Analysis Considerations<\/strong><\/p><ul><li style=\"font-weight: 400;\">Our analysis shows patterns in\u00a0lending, but\u00a0cannot definitively prove discrimination without additional investigation.<\/li><li style=\"font-weight: 400;\">Multiple factors affect lending decisions, with disparities resulting from various causes.<\/li><li style=\"font-weight: 400;\">Economic conditions, local housing markets and policy changes all influence lending patterns.<\/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-cc490a5 elementor-widget elementor-widget-heading\" data-id=\"cc490a5\" 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\">Transparency and Verification<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c47fe2f elementor-widget elementor-widget-text-editor\" data-id=\"c47fe2f\" 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>Our analysis is designed to be reproducible. We document our data sources, calculation methods and analytical decisions so that others can verify our findings. Our methodology is available for public\u00a0<span class=\"GramE\">review<\/span>\u00a0and we welcome questions about our approach. The HMDA data utilized in our analysis work is publicly available at\u00a0<a href=\"http:\/\/ffiec.cfpb.gov\" target=\"_blank\" rel=\"noopener\">this link<\/a>, allowing independent researchers to conduct their own analyses.<\/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-062fc25 elementor-widget elementor-widget-heading\" data-id=\"062fc25\" 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\">Homebuilder Analysis Methods\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-597641e elementor-widget elementor-widget-text-editor\" data-id=\"597641e\" 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>Data Sources and Coverage<\/strong><\/p><p style=\"font-weight: 400;\"><strong>Primary Data<\/strong>: Home Mortgage Disclosure Act (HMDA) data from homebuilders\u2019 datasets covering the 2018-2024 period.<\/p><p style=\"font-weight: 400;\"><strong>Sample:\u00a0<\/strong>8 homebuilder mortgage companies and their top 10 Core-Based Statistical Areas (CBSAs) with at least 1,000 loans. The 1,000-loan threshold ensures statistical reliability and adequate peer lender identification.<\/p><p style=\"font-weight: 400;\"><strong>Loan Scope<\/strong>: Analysis includes only conforming loans eligible for purchase by Government Sponsored Enterprises (Fannie Mae and Freddie Mac), excluding jumbo loans.<\/p><p style=\"font-weight: 400;\"><strong>Total Volume<\/strong>: Over 206,000 homebuilder loans compared against more than 3 million peer lender loans.<\/p><p><strong>Peer Comparison Framework<\/strong><\/p><p style=\"font-weight: 400;\">For each CBSA and year analyzed, identified peer lenders with loan counts between 50% and 200% of each homebuilder&#8217;s loan count were analyzed and compared with the lenders in this study. This ensures fair comparisons by matching homebuilders against\u00a0similarly-sized\u00a0lenders in the same markets. Only peer loans from years when lenders qualified as peers were included.<\/p><p style=\"font-weight: 400;\">\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-dff26f4 elementor-widget elementor-widget-heading\" data-id=\"dff26f4\" 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\">Metrics Analyzed<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6f614a7 elementor-widget elementor-widget-text-editor\" data-id=\"6f614a7\" 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>Four Equally Weighted Composite Indices<\/strong><\/p><p style=\"font-weight: 400;\">The four indices receive equal weighting (25% each) because they measure distinct dimensions of community impact: borrower access, neighborhood presence, affordability and wealth-building. Each dimension is equally critical to comprehensive fair lending assessment. While alternative weighting schemes may be appropriate in specific regulatory or market contexts, equal weighting provides a balanced foundation for this initial application of the framework:<\/p><ul><li style=\"font-weight: 400;\"><u>Underrepresented Communities Index:<\/u>\u00a0Combining Asian, Black, Hispanic and Low- and Moderate-Income Borrower shares<\/li><li style=\"font-weight: 400;\"><u>Neighborhood Access Index:<\/u>\u00a0Combining Low- and Moderate-Income Census Tract and Majority-Minority Census Tract shares<\/li><li style=\"font-weight: 400;\"><u>Closing Cost Index:<\/u>\u00a0Combining total closing charges and rate spread performance<\/li><li style=\"font-weight: 400;\"><u>Wealth-Building Power Index:<\/u>\u00a0Property value-to-income ratio<\/li><\/ul><p><strong>Neighborhood Access Index<\/strong><\/p><p style=\"font-weight: 400;\">We combined Low- and Moderate-Income Census Tract (LMICT) and Majority-Minority Census Tract (MMCT) shares into a single Neighborhood Access Index. This measures how effectively lenders serve diverse neighborhoods across different community types.<\/p><p style=\"font-weight: 400;\"><strong>Better Performance Indicates:<\/strong><\/p><ul><li style=\"font-weight: 400;\">Higher representation in both low-income and minority communities<\/li><li style=\"font-weight: 400;\">Balanced service across diverse neighborhood types<\/li><li style=\"font-weight: 400;\">Broader geographic reach rather than concentration in affluent areas<\/li><\/ul><p style=\"font-weight: 400;\">This approach recognizes that the most effective community lenders serve both economically disadvantaged areas and diverse communities rather than concentrating in only one type of neighborhood.<\/p><p><strong>Underrepresented Communities Index<\/strong><\/p><p style=\"font-weight: 400;\">Rather than treating demographic groups separately, we combined Asian, Black, Hispanic and Low- and Moderate-Income Borrower shares into a single Underrepresented Communities index. This prevents lenders from receiving full credit for serving wealthy minority borrowers while neglecting low-income communities.<\/p><p style=\"font-weight: 400;\">The index takes the minimum value between the average minority representation and LMIB representation. This ensures that effective community access requires serving both minority communities and low-income borrowers.<\/p><p><strong>Closing Cost Index<\/strong><\/p><p style=\"font-weight: 400;\">We combined the total closing charges and rate spread performance into a single Closing Cost Index. This accounts for the relationship between upfront costs and interest rates as borrowers may pay higher closing costs to secure lower rates, or vice versa.<\/p><p style=\"font-weight: 400;\"><strong>Better Performance Indicates:<\/strong><\/p><ul><li style=\"font-weight: 400;\">Lower total closing charges compared to peer lenders<\/li><li style=\"font-weight: 400;\">Better rate spread performance (lower rates relative to market rates)<\/li><li style=\"font-weight: 400;\">Overall cost advantage for borrowers across both upfront and ongoing costs<\/li><\/ul><p style=\"font-weight: 400;\">This approach recognizes that borrowers evaluate the total cost of home financing, including both the immediate expenses and the long-term interest costs when comparing lending options.<\/p><p><strong>Wealth-Building Power Index<\/strong><\/p><p style=\"font-weight: 400;\">We combined borrower income, property value and loan amount into a Wealth-Building Power Index calculated as an overall property value-to-income ratio. This measures how effectively lenders help lower-income families access higher-value homes with the appropriate financing options.<\/p><p style=\"font-weight: 400;\"><strong>Better Performance Indicates:<\/strong><\/p><ul><li style=\"font-weight: 400;\">Lower-income borrowers accessing higher-value properties<\/li><li style=\"font-weight: 400;\">Appropriate loan amounts that enable homeownership without overextending borrowers<\/li><li style=\"font-weight: 400;\">Creating pathways for families to build equity and wealth through homeownership<\/li><\/ul><p style=\"font-weight: 400;\">This approach recognizes that the best community development lenders help modest-income families purchase homes that will appreciate and add to families\u2019 generational wealth. It will combat the trend of simply serving high-income borrowers or concentrating in expensive markets.<\/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-f8f49ce elementor-widget elementor-widget-heading\" data-id=\"f8f49ce\" 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\">Demographic Data Standards<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3e7d3f6 elementor-widget elementor-widget-text-editor\" data-id=\"3e7d3f6\" 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 race\/ethnicity categorizations used are based on HMDA reporting requirements. Borrowers may select multiple racial categories. The Asian racial\/ethnic category includes Native Hawaiian and other Pacific Islander communities. The Hispanic racial\/ethnic category includes borrowers of any race identifying as Hispanic\/Latino. Percentages exclude loans with missing demographic information.<\/p><p><strong>Grading Schema<\/strong><\/p><p style=\"font-weight: 400;\">Each composite index weighted equally with better performance were defined as either:<\/p><ul><li style=\"font-weight: 400;\"><strong>Higher<\/strong>: Underrepresented Communities Index, Neighborhood Access Index or Wealth-Building Power Index\u00a0or;<\/li><li style=\"font-weight: 400;\"><strong>Lower<\/strong>: Closing Cost Index (indicating cost advantages for borrowers)<\/li><\/ul><p style=\"font-weight: 400;\">The Wealth-Building Power Index rewards lenders who help lower-income\u00a0borrowers\u00a0access higher-value properties with appropriate loan amounts, which creates pathways to homeownership and increases equity building.<\/p><p style=\"font-weight: 400;\"><strong>Grade Scale<\/strong>:<\/p><ul><li style=\"font-weight: 400;\"><strong>A<\/strong>:\u00a0<u>Top quartile performance<\/u>\u00a0&#8211; Consistently outperforms peer lenders across multiple measures<\/li><li style=\"font-weight: 400;\"><strong>B<\/strong>:\u00a0<u>Second quartile performance<\/u>\u00a0&#8211; Generally competitive with notable strengths<\/li><li style=\"font-weight: 400;\"><strong>C<\/strong>:\u00a0<u>Third quartile performance<\/u>\u00a0&#8211; Mixed performance with concerning gaps<\/li><li style=\"font-weight: 400;\"><strong>D<\/strong>:\u00a0<u>Bottom quartile performance<\/u>\u00a0&#8211; Consistently underperforms on critical measures<\/li><\/ul><p style=\"font-weight: 400;\">This methodology ensures fair, standardized comparisons while maintaining accessibility for general audiences analyzing homebuilder lending patterns.<\/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-28362cf elementor-widget elementor-widget-heading\" data-id=\"28362cf\" 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\">Four-Index Methodology<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e9aa16b elementor-widget elementor-widget-text-editor\" data-id=\"e9aa16b\" 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 grading system uses four equally weighted composite indices, each converted to z-scores, to ensure fair weighting regardless of the natural variance ranges.<\/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-1ffef82 elementor-widget elementor-widget-heading\" data-id=\"1ffef82\" 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\">Index 1: Underrepresented Communities Index<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-66b26df elementor-widget elementor-widget-text-editor\" data-id=\"66b26df\" 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>Purpose:<\/strong>\u00a0Measures effectiveness in serving minority and low-income borrowers<\/p><p style=\"font-weight: 400;\"><strong>Step 1: Calculate Relative Performance Ratios<\/strong><\/p><ul><li style=\"font-weight: 400;\">Asian Ratio = (Asian %) \u00f7 (Asian Peers %)<\/li><li style=\"font-weight: 400;\">Black Ratio = (Black %) \u00f7 (Black Peers %)<\/li><li style=\"font-weight: 400;\">Hispanic Ratio = (Hispanic %) \u00f7 (Hispanic Peers %)<\/li><li style=\"font-weight: 400;\">Average Relative Performance Ratio = (Asian Ratio + Black Ratio + Hispanic Ratio) \u00f7 3<\/li><\/ul><p style=\"font-weight: 400;\"><strong>Step 2: Calculate LMIB Relative Performance Ratio<\/strong><\/p><ul><li style=\"font-weight: 400;\">LMIB Ratio = (LMIB %) \u00f7 (LMIB Peers %)<\/li><\/ul><p style=\"font-weight: 400;\"><strong>Step 3: Take Minimum and Convert to Index Score<\/strong><\/p><ul><li style=\"font-weight: 400;\">Underrepresented Communities Index = (MIN(Average Relative Performance Ratio, LMIB Ratio) &#8211; 1.0) \u00d7 100<\/li><\/ul><p style=\"font-weight: 400;\">This approach prevents lenders from receiving full credit for serving wealthy minority borrowers while neglecting low-income communities. The minimum function ensures effective community access requires serving both minority communities and low-income borrowers.<\/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-843f33a elementor-widget elementor-widget-heading\" data-id=\"843f33a\" 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\">Index 2: Neighborhood Access Index<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7fd6aa8 elementor-widget elementor-widget-text-editor\" data-id=\"7fd6aa8\" 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>Purpose:<\/strong>\u00a0Measures service to diverse neighborhood types.<\/p><p style=\"font-weight: 400;\"><strong>Step 1: Calculate Gaps<\/strong><\/p><ul><li style=\"font-weight: 400;\">LMICT Gap = LMICT % &#8211; LMICT Peers %<\/li><li style=\"font-weight: 400;\">MMCT Gap = MMCT % &#8211; MMCT Peers %<\/li><\/ul><p style=\"font-weight: 400;\"><strong>Step 2: Average the Gaps<\/strong><\/p><ul><li style=\"font-weight: 400;\">Neighborhood Access Index = (LMICT Gap + MMCT Gap) \u00f7 2<\/li><\/ul><p style=\"font-weight: 400;\">The Low- and Moderate-Income Census Tracts (LMICT) and Majority-Minority Census Tracts (MMCT) are combined to better measure the balance of service provided across diverse neighborhood types rather than their concentration in affluent areas.<\/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-24d19f9 elementor-widget elementor-widget-heading\" data-id=\"24d19f9\" 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\">Index 3: Closing Cost Index<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-07162ae elementor-widget elementor-widget-text-editor\" data-id=\"07162ae\" 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>Purpose:<\/strong>\u00a0Measures borrower cost advantages.<\/p><p style=\"font-weight: 400;\"><strong>Step 1: Calculate Charge Advantage (in thousands)<\/strong><\/p><ul><li style=\"font-weight: 400;\">Charge Advantage = (Peer Charges &#8211; Homebuilder Charges) \u00f7 1,000<\/li><\/ul><p style=\"font-weight: 400;\"><strong>Step 2: Calculate Rate Advantage<\/strong><\/p><ul><li style=\"font-weight: 400;\">Rate Advantage = Peer Rate Spread &#8211; Homebuilder Rate Spread<\/li><\/ul><p style=\"font-weight: 400;\"><strong>Step 3: Weight and Average<\/strong><\/p><ul><li style=\"font-weight: 400;\">Closing Cost Index = (Charge Advantage + Rate Advantage \u00d7 3) \u00f7 2<\/li><\/ul><p style=\"font-weight: 400;\">This accounts for the relationship between upfront costs and interest rates. The rate spread is weighted by a factor of 3\u00a0in order to\u00a0balance the closing charge differences scaled to the thousands. It also recognizes\u00a0borrowers\u2019\u00a0evaluated total financing costs.<\/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-07d4628 elementor-widget elementor-widget-heading\" data-id=\"07d4628\" 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\">Index 4: Wealth-Building Power Index<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7056d25 elementor-widget elementor-widget-text-editor\" data-id=\"7056d25\" 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>Purpose:<\/strong>\u00a0Measures effectiveness in helping lower-income families access higher-value homes.<\/p><p style=\"font-weight: 400;\"><strong>Step 1: Calculate Ratios<\/strong><\/p><ul><li style=\"font-weight: 400;\">Homebuilder Ratio = Property Value \u00f7 Income<\/li><li style=\"font-weight: 400;\">Peer Ratio = Peer Property Value \u00f7 Peer Income<\/li><\/ul><p style=\"font-weight: 400;\"><strong>Step 2: Calculate Difference<\/strong><\/p><ul><li style=\"font-weight: 400;\">Wealth-Building Power Index = Homebuilder Ratio &#8211; Peer Ratio<\/li><\/ul><p style=\"font-weight: 400;\">This approach helps<strong>\u00a0<\/strong>measure how effectively lenders help modest-income families purchase homes that will appreciate and help build generational wealth rather than simply serving high-income borrowers or concentrating in expensive markets.<\/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-3f9061e elementor-widget elementor-widget-heading\" data-id=\"3f9061e\" 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\">Z-Score Standardization Methodology<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5fae0dc elementor-widget elementor-widget-text-editor\" data-id=\"5fae0dc\" 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;\">To ensure fair weighting across all indices despite different natural variance ranges, each index is converted to z-scores before calculating each lenders&#8217; final grades. Z-score standardization ensures fair weighting across all indices by accounting for their different natural variance ranges. Without standardization, indices with larger variances would dominate the final grade determinations regardless of their assigned weights.<\/p><p style=\"font-weight: 400;\">For example, the Underrepresented Communities Index has a standard deviation of 26.96, while the Wealth-Building Power Index has a standard deviation of just 0.21. Converting each index to z-scores before averaging them ensures that each of the four dimensions contributes equally to the final grade, as intended by the equal weighting framework. We identified peer lenders with loan counts between 50% and 200% of the homebuilder&#8217;s loan count in that specific market and year. This ensures fair comparisons by matching homebuilders against\u00a0similarly-sized\u00a0lenders operating in identical market conditions during the same\u00a0time period.<\/p><p style=\"font-weight: 400;\"><strong>Population Statistics Across All Lenders:<\/strong><\/p><p style=\"font-weight: 400;\"><strong>Means:<\/strong><\/p><ul><li style=\"font-weight: 400;\">Underrepresented Communities Index: -27.16<\/li><li style=\"font-weight: 400;\">Neighborhood Access Index: -3.95<\/li><li style=\"font-weight: 400;\">Closing Cost Index: -0.20<\/li><li style=\"font-weight: 400;\">Wealth-Building Power Index: 0.33<\/li><\/ul><p style=\"font-weight: 400;\"><strong>Standard Deviations:<\/strong><\/p><ul><li style=\"font-weight: 400;\">Underrepresented Communities Index: 26.96<\/li><li style=\"font-weight: 400;\">Neighborhood Access Index: 6.56<\/li><li style=\"font-weight: 400;\">Closing Cost Index: 2.08<\/li><li style=\"font-weight: 400;\">Wealth-Building Power Index: 0.21<\/li><\/ul><p style=\"font-weight: 400;\"><strong>Z-Score Formula:<\/strong>\u00a0Z-Score = (Individual Score &#8211; Mean) \u00f7 Standard Deviation<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-344daab e-con-full e-flex e-con e-child\" data-id=\"344daab\" 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-041dbb0 e-con-full e-flex e-con e-child\" data-id=\"041dbb0\" 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-0865067 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"0865067\" 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-2aceac4 e-con-full e-flex e-con e-child\" data-id=\"2aceac4\" 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-680e2e9 elementor-widget elementor-widget-heading\" data-id=\"680e2e9\" 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-49f58c1 elementor-widget elementor-widget-text-editor\" data-id=\"49f58c1\" 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>. NCRC members can request customized community data requests as well. Those interested in membership benefits should contact Ralph Cyrus (Membership Engagement Specialist) at <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 class=\"elementor-element elementor-element-d949e73 elementor-widget elementor-widget-off-canvas\" data-id=\"d949e73\" 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-d949e73\" class=\"e-off-canvas\" role=\"dialog\" aria-hidden=\"true\" aria-label=\"Off-Canvas\" 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-2dc9dd8 e-con-full e-flex e-con e-child\" data-id=\"2dc9dd8\" 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-221f4fa elementor-view-default elementor-widget elementor-widget-icon\" data-id=\"221f4fa\" 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%3DeyJpZCI6ImQ5NDllNzMiLCJkaXNwbGF5TW9kZSI6ImNsb3NlIn0%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-5934e8a e-con-full e-flex e-con e-child\" data-id=\"5934e8a\" 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-a69db47 elementor-widget elementor-widget-heading\" data-id=\"a69db47\" 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-d1a5f4b elementor-widget elementor-widget-n-accordion\" data-id=\"d1a5f4b\" 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-2190\" 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-2190\" >\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-2190\" class=\"elementor-element elementor-element-9d08bff e-con-full e-flex e-con e-child\" data-id=\"9d08bff\" 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-d75f373 elementor-widget elementor-widget-heading\" data-id=\"d75f373\" 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-dc9fbf2 elementor-widget elementor-widget-text-editor\" data-id=\"dc9fbf2\" 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-c012019 elementor-widget elementor-widget-heading\" data-id=\"c012019\" 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-aa459d6 elementor-widget elementor-widget-text-editor\" data-id=\"aa459d6\" 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-d2c9457 elementor-widget elementor-widget-heading\" data-id=\"d2c9457\" 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-408f167 elementor-widget elementor-widget-text-editor\" data-id=\"408f167\" 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-e4c3aae elementor-widget elementor-widget-heading\" data-id=\"e4c3aae\" 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-6266f98 elementor-widget elementor-widget-text-editor\" data-id=\"6266f98\" 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-8a9be21 elementor-widget elementor-widget-heading\" data-id=\"8a9be21\" 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-9d7de13 elementor-widget elementor-widget-text-editor\" data-id=\"9d7de13\" 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-b29021e elementor-widget elementor-widget-heading\" data-id=\"b29021e\" 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-ff15ffa elementor-widget elementor-widget-text-editor\" data-id=\"ff15ffa\" 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-17ab2cb elementor-widget elementor-widget-heading\" data-id=\"17ab2cb\" 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-36af6db elementor-widget elementor-widget-text-editor\" data-id=\"36af6db\" 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-3766a43 elementor-widget elementor-widget-text-editor\" data-id=\"3766a43\" 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-0ae2c4d elementor-widget elementor-widget-heading\" data-id=\"0ae2c4d\" 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-865d092 elementor-widget elementor-widget-heading\" data-id=\"865d092\" 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-bb35c5f elementor-widget elementor-widget-text-editor\" data-id=\"bb35c5f\" 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.<strong>.<\/strong><\/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-2d61dee elementor-widget elementor-widget-text-editor\" data-id=\"2d61dee\" 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-a0e5401 elementor-widget elementor-widget-text-editor\" data-id=\"a0e5401\" 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-da41643 elementor-widget elementor-widget-text-editor\" data-id=\"da41643\" 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-b512673 elementor-widget elementor-widget-text-editor\" data-id=\"b512673\" 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\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-22bfb18 e-con-full e-flex e-con e-child\" data-id=\"22bfb18\" 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-7fce9df elementor-hidden-mobile e-flex e-con-boxed e-con e-child\" data-id=\"7fce9df\" 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-3e4198c elementor-widget elementor-widget-heading\" data-id=\"3e4198c\" 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-257454c elementor-widget elementor-widget-heading\" data-id=\"257454c\" 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-8b74872 elementor-widget elementor-widget-heading\" data-id=\"8b74872\" 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-1-introduction-to-mortgage-market-trends\" target=\"_blank\">PART 1: Introduction to Mortgage Market Trends<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-013e115 elementor-widget elementor-widget-heading\" data-id=\"013e115\" 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-ddef54a elementor-widget elementor-widget-heading\" data-id=\"ddef54a\" 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-9154a67 elementor-widget elementor-widget-heading\" data-id=\"9154a67\" 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-4-mortgage-lending-across-american-cities\/\">PART 4: Mortgage Lending Across American Cities<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2ad6146 elementor-widget elementor-widget-heading\" data-id=\"2ad6146\" 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-5-top-50-home-purchase-lenders-analysis-for-2024\/\">PART 5: Top 50 Home Purchase Lenders Analysis for 2024<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-aacf38e elementor-widget elementor-widget-heading\" data-id=\"aacf38e\" 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-63cc1a2 elementor-widget elementor-widget-text-editor\" data-id=\"63cc1a2\" 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>Get NCRC news and <br \/>alerts by 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[&hellip;]<\/p>\n","protected":false},"author":926,"featured_media":275409,"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":"disabled","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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