Skip to main content

The City with the Highest Mortgage Denial Rate Is …

Phil Hall
Apr 24, 2018
Prospective homebuyers in search of American Dream may have a tougher time purchasing a house below the Mason-Dixon Line

Prospective homebuyers in search of American Dream may have a tougher time purchasing a house below the Mason-Dixon Line, according to a new data analysis from LendingTree.
 
Although the national mortgage application denial rate is 8 percent, seven of the top 10 states for mortgage denials were in the South. Birmingham, Ala., led the country with a 13 percent denial rate, which was primarily blamed on credit history. New Orleans placed second with a 12 percent denial rate that was to problems with applicants’ credit history and debt-to-income, while Memphis came in third with a 12 percent denial rate pegged to credit history woes.
 
Rounding out the list of the 10 states with the highest denial rates are Oklahoma City, Miami, Orlando, Rhode Island’s capital city of Providence, Tampa, Houston, and Connecticut’s capital city of Hartford. At the other end of the spectrum, Minneapolis-St. Paul had the lowest mortgage denial rate at five percent.
 
“The current housing market is particularly competitive,” says LendingTree Chief Mortgage Economist Tendayi Kapfidze. “The key for homebuyers is being well-educated on the homebuying process, enabling them to be well-prepared when they enter the market. Understanding the key reasons mortgages are denied can help borrowers avoid missteps and compete effectively to secure their dream home.”

 
Published
Apr 24, 2018
loanDepot And mellohome Introduce Home Services Bundle

loanDepot, Inc. and its sister company mellohome are launching a proprietary bundle of home buying and selling services.

Industry News
Jul 30, 2021
Gateway Mortgage Surpasses 165 Mortgage Centers With 10 New Additions

Gateway Mortgage reported significant growth in the company, prompting it to open 10 new locations across Colorado, Idaho, Oklahoma, Texas, Oregon, and Wyoming.

Industry News
Jul 30, 2021
FHFA Requires 30-Day Notice Prior To Eviction

Wednesday, the Federal Housing Finance Agency (FHFA) announced that tenants of multi-family properties must be given 30 days notice to vacate before the tenant is required to leave the premise.

Industry News
Jul 29, 2021
Houston-Based Stewart Acquires Title First Agency

Ohio-Based Agency Has 20 Offices And Operates in 32 States

Industry News
Jul 28, 2021
Planet Home Lending Reports Total Origination Volume Of $6.8B In Q2 2021

Planet Home Lending's total origination volume reached $6.8 billion in Q2 2021, up 77% from $3.9 billion in Q2 2020.

Industry News
Jul 22, 2021
FHFA Ends Controversial Refinance Fee

The FHFA announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries, starting August 1, 2021.

Analysis and Data
Jul 19, 2021