Two big national lenders are neck and neck for the lead in making Native mortgages.
Wells Fargo Bank, Charlotte, North Carolina, led in home loans to Native Hawaiians during 2015. Quicken Loans, Livonia, Michigan, had a slight lead over Wells in loans to American Indians, Home Mortgage Disclosure Act data show.
Adding both Native categories together, Wells remains the leader, at $816 million last year, while Quicken Loans had a total of $714 million.
Quicken edged out Wells in the American Indian category (which also includes loans to Alaska Natives). It made $427 million in volume last year, to Wells’ $415 million.
These two lenders dominate Indian mortgage lending, with a combined share of nearly 14 percent of the market.
On the Native Hawaiian side, Wells had a comfortable lead over Quicken, at $401 million to the non-bank lender’s $287 million. The two had a combined 11 percent of Native Hawaiian lending (which also includes loans to indigenous Pacific Islanders in Guam and American Samoa).
In all, more than 2,200 lenders made $6 billion in mortgages to American Indians last year, the HMDA data show. More than 1,800 originated loans to Native Hawaiians. Despite the lower number of lenders, and despite being a smaller population than Indians, Native Hawaiians actually got more mortgage money last year at $6.4 billion.
Loandepot.com came in third in Indian mortgage lending, at $226 million. Fourth was Farm Credit Services of Mid-America at $210 million. Bank America was fifth, at $190 million. A total of nine lenders made more than $100 million in mortgages to Indians in 2015.
Of the top 10, three were commercial banks, six were mortgage banks (one affiliated with an Alaska credit union), and one was a Farm Credit System lender. FCS firms specialize in farm lending but also make rural home loans.
On the Native Hawaiian side, Bank of America took the bronze last year, at $208 million, followed by JPMorgan Chase Bank at $180 million and loandepot.com at $162 million. Eight lenders extended more than $100 million in credit to Native Hawaiians in 2015.
Looking at total applications, Indians applied for $12 billion in mortgages and Native Hawaiians applied for $12.1 billion. Wells led both categories in apps, at more than $1 billion in each category. At $2.1 billion in apps and $816 million in loans, that means Native applicants had about a 40 percent success rate at Wells.
At Quicken Loans, total Native apps were $1.4 billion. At $714 billion in loans, that’s a success rate of just above 50 percent.
The data come from Home Mortgage Disclosure Act reports filed by some 7,000 lenders with the Federal Financial Institutions Examinations Council, an agency of the Federal Reserve and other federal agencies. The data were analyzed by ComplianceTech, a fair lending and technology firm based in McLean, Virginia, which operates a HMDA database called LendingPatterns.
The data do not indicate whether the loans to Indians were on- or off-reservation.