Why tri-merge system is vital for fair homeownership

For generations, home ownership has been part of the very definition of capturing the American dream.

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First-time buyers face a process that can be both exciting and daunting — the right home, in the right community, and with the right financing.

As housing costs continue to rise and first-time home purchases are being delayed more than ever, securing a mortgage at a competitive rate for a homebuyer is vital to making home ownership possible, which underscores the need for an accurate and comprehensive way to analyse borrowers’ creditworthiness, according to the Tribune News Service.

Unfortunately, nearly I in 10 potential home-buyers are denied a mortgage when they apply, and that number is considerably higher for young adults, lower-income individuals, and minority borrowers. For example, Hispanic applicants are denied conventional mortgage financing at more than twice the rate of non-Hispanic white applicants, even when income and credit factors are similar, resulting in Hispanic families’ homeownership rate well below the national average. This tragedy is a reality for too many American families across all demographic groups.