Recently, NYDFS released its 2024 Annual Minority Mortgage Lending Report which provided an analysis of mortgage lending activities in the State of New York, with a focus on minorities’ access to mortgage loans and marking potential redlining. The report, which was the second in an annual series, analyzed HMDA data from 2023 and ranked lenders based on the percentage of mortgage originations made to minorities and in majority-minority census tracts (MMTs) by examining 23 geographies, covering both “New York State as a whole” and all metropolitan statistical areas. The report provided detailed charts and data on lenders’ performances, illustrating the state of mortgage lending to minority populations and in MMTs across various areas in New York. The report highlighted changes in lending patterns and identified lenders with significant activities in minority and MMTs. NYDFS also noted that while it uses this analysis to support fair lending inquiries and legislative changes, it is not in and of itself dispositive of discriminatory intent.

Among other things, findings from the report showed the overall volume of mortgage originations in 2023 decreased to about two-thirds of the 2022 volume. Despite this larger decrease, the percentage of mortgage originations in MMTs decreased only slightly from 20.69 percent in 2022 to 19.74 percent in 2023. The percentage of mortgage applications for properties in MMTs remained relatively consistent. Additionally, the percentage of originations to minorities remained stable, with a minor decrease from 28.08 percent in 2022 to 27.94 percent in 2023.