The ICRC designed and mailed a mortgage lending survey
to each of the lenders located in the eight communities studied.
127 surveys were mailed and 80 responses received, generating
a 63% response rate.
The survey was designed to elicit information regarding workforce
composition, mortgage lending procedures and decision-making,
and compensation systems for loan officers/originators.
The 80 lenders who responded to the survey indicated that they
employed 3,891 persons, of whom 154 or 4% are African American,
Asian American, or Latino. The lenders also reported that they
employ 15 managers and 6 loan officers/originators who are African
American, Asian American, or Latino.
Other survey results indicate that 60% of the institutions surveyed
had a second review or "second look" policy for applicants
whose applications are rejected, 17% of the institutions surveyed
give loan officers the discretion to set loan rates, 11% allow
loan officers to set loan fees, 16% compensate loan officers with
salary and bonuses based on dollar amounts of loans originated,
and 11% compensate loan officers by commission only.
Answers will be kept confidential. Results will be reported only in the aggregate.
1. Please indicate your type of institution.
credit union42 savings and loan5 mortgage company11 bank22 other0
2. Please check your approximate size.
1 branch/office31 2-5 branches37 5-10 branches7 10 or more branches/offices3
3. Please indicate the approximate number of employees at your institution (all branches/offices). 3891
4. Please indicate the approximate number of African American, Latino and Asian American employees at your institution (all branches/offices). 154
5. Please indicate the approximate number of African American, Latino, and Asian American managers at your institution (all branches/offices). 16
6. Please indicate the approximate number of African American, Latino, and Asian American mortgage loan officers/originators at your institution (all branches/offices). 5
7. Please indicate the approximate number of African American, Latino, and Asian American underwriters at your institution. 8
8. Please indicate who in your institution makes the final decision to accept/reject mortgage loan applications.
mortgage loan officer/originator 21 underwriter 22 management 19 other 26
9. Please indicate all that apply regarding the compensation of mortgage loan officers/originators at your institution.
salary only 47 salary plus bonus based on number of loans originated 4 salary plus bonus based on dollar amount of loans originated 13 salary plus overages 1 other:
100% commission
salary + lender profits
hourly
N/A
volunteers
9
2
2
2
1
10. Does your institution have a "second look" policy for minority mortgage applicants who are turned down for loans?
yes 44 no 29
11. Do mortgage loan officers/originators at your institution have the authority to determine mortgage rates for individual applications?
yes 13 no 62
12. Do mortgage loan officers/originators at your institution have the authority to determine mortgage fees for individual applications?
yes 8 no 67
13. Would you like a copy of the Iowa Civil Rights Commission's mortgage lending study to be released in spring 1997?
yes 51 no 26
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