Memphis among top 10 cities for highest rates of denied mortgage applications, study says

The American Dream of buying a home can be quickly crushed with the denial of a home loan — and it turns out Memphis is a city where that rejection rate is pretty high.

Memphis-area mortgage applications are denied at a rate of 12 percent, the third-highest out of 50 cities in a study by LendingTree Inc., an online loan marketplace based in Charlotte, North Carolina. The company analyzed about 10 million U.S. mortgage applications from the most recent Home Mortgage Disclosure Act data set, finding…

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