Transparent reporting and equity in mortgage lending: A comprehensive review
1 Independent Researcher, USA.
2 Sanctus Maris Concepts, Nigeria Ltd, Nigeria.
3 Independent Researcher, UK.
⁴ Independent Researcher, New York, USA.
World Journal of Advanced Research and Reviews, 2024, 21(03), 1020–1030
Article DOI: 10.30574/wjarr.2024.21.3.0816
Publication history:
Received on 01 February 2024; revised on 06 March 2024; accepted on 09 March 2024
Abstract:
This comprehensive review delves into the critical intersection of transparent reporting and equity within the realm of mortgage lending. With the housing market serving as a cornerstone of economic stability and social mobility, the equitable distribution of mortgage loans is paramount for fostering inclusive growth and mitigating systemic disparities. The paper scrutinizes existing literature, regulatory frameworks, and industry practices to assess the extent to which transparency and equity are upheld in mortgage lending processes. By examining key metrics such as loan approval rates, interest rates, and access to credit, this review sheds light on persistent inequities and identifies potential avenues for improvement. Additionally, it explores the role of technology, data analytics, and policy interventions in promoting transparency and equity across various stages of the lending lifecycle. Ultimately, this review underscores the urgent need for concerted efforts from policymakers, financial institutions, and stakeholders to enhance transparency and promote equity in mortgage lending practices. The pursuit of transparent reporting and equity in mortgage lending stands as a cornerstone of fair and accessible housing finance systems globally. This comprehensive review synthesizes current research, regulatory frameworks, and industry practices to illuminate the intricate dynamics shaping mortgage lending equity and transparency. Through a nuanced analysis of factors such as credit scoring mechanisms, discriminatory practices, and regulatory oversight, the review identifies persistent challenges and emerging trends within the mortgage lending landscape. Furthermore, it investigates the potential impact of socioeconomic factors, demographic shifts, and technological advancements on the equitable distribution of mortgage credit. By elucidating the linkages between transparency, equity, and financial stability, this review offers valuable insights for policymakers, practitioners, and researchers seeking to foster more inclusive and resilient mortgage markets. In conclusion, the review calls for concerted action and collaborative initiatives aimed at promoting transparency and equity as foundational principles in mortgage lending practices.
Keywords:
Financial Technology (FinTech); Financial inclusion; Under-reserved communities; Digital banking; Mobile payments; Alternative lending
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0