Are older mortgage applicants more likely to be rejected?

Amornsiripanitch, Natee. “Are older mortgage applicants more likely to be rejected?”. Issue in Brief 23-4, Chestnut Hill, Mass.: Center for Retirement Research at Boston College, February 2023. http://hdl.handle.net/2345/bc-ir:109631.
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Abstract

The brief's key findings are: (1) As the population ages, an important question is whether aging affects a person's ability to access credit. (2) This study explores the question using data on mortgage refinance applications from the confidential Home Mortgage Disclosure Act. (3) The analysis, which controls for a host of applicant, property, and loan characteristics, finds that rejection rates rise substantially with age. (4) A potential explanation is mortality risk, which increases the likelihood of the loan being paid off early or entering foreclosure. (5) Thus, the results do not necessarily indicate that lenders are violating fair lending rules.

Title
Are older mortgage applicants more likely to be rejected?
Author
Amornsiripanitch, Natee
Center
Center for Retirement Research
Genre
report
Date Issued
February 2023
Publisher
Center for Retirement Research at Boston College
Series Title
Issue in Brief
Series Number
23-4
Persistent Link
http://hdl.handle.net/2345/bc-ir:109631
Use Restrictions
These materials are made available for use in research, teaching and private study, pursuant to U.S. Copyright Law. The user must assume full responsibility for any use of the materials, including but not limited to, infringement of copyright and publication rights of reproduced materials. Any materials used for academic research or otherwise should be fully credited with the source. The publisher or original authors may retain copyright to the materials.
Subject
Financing Retirement

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