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The New York State Department of Financial Services (DFS) issued a report on February 4, 2021, detailing its investigation of the mortgage lending market in the Buffalo metropolitan area. The report includes findings about a distinct lack of lending by mortgage lenders, particularly nonbank lenders, in neighborhoods with majority-minority populations and to minority homebuyers in general.
The Report
DFS used Home Mortgage Disclosure Act (HMDA) data to map and analyze mortgage lending patterns of Buffalo area mortgage lenders which include very large national and regional banks, as well as small, local, and community banks, and many nonbank lenders from 2016 through 2019. The data revealed that: