Survey



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.

Iowa Civil Rights Commission 1997 Mortgage Lending Survey

 

Answers will be kept confidential. Results will be reported only in the aggregate.

 

1. Please indicate your type of institution.

credit union
 42
savings and loan
 5
mortgage company
 11
bank
 22
other
 0

 

2. Please check your approximate size.

1 branch/office
 31
2-5 branches
 37
5-10 branches
 7
10 or more branches/offices
 3


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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