TD Bank’s Troublesome Record for Mortgage Lending in the Philadelphia Area

New data shows one of the region’s top banks has a troubling track record when it comes to approving mortgages for black applicants.

The figures show that TD Bank has the lowest approval rate for black applicants looking to buy homes in the Philadelphia area compared to a group of peer institutions. TD Bank also had the largest difference in rejection rates when comparing black and white applicants, about 20 percentage points.

Data released Thursday at a hearing processed by the Reinvestment Fund and co-hosted by the Federal Reserve found TD Bank more likely to approve mortgages to low-income white applicants than high-income black applicants. also shows. applied at the same time.

“This certainly points to a problem here,” said Ira Goldstein, president of the Reinvestment Fund’s Policy Solutions Group.

The data define low income as less than 80% of the regional median income. For a family of four, that equates to $84,300 per year.

High income is defined as earning at least 120% of your AMI. This equates to $126,480 per year for a family of four.

TD Bank, which has 20 bank branches in Philadelphia, did not immediately respond to a request for comment.

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