Other possibilities: Are there cultural facotrs at work that cause a lower job retention for people of color (thus lower scores when applying for loans)? Are people of color more accustomed to living with higher interest rates because those originating in underpriviledged areas are forced to rely on higher-cost credit, like high-interest-rate cards and payday loans? Are there redline areas in which where people of color might buy expensive homes in an otherwise-undesirable city (like Inglewood Heights in Los Angeles for example) where lenders dare not tread?

Otherwise it makes no sense to me– credit agencies don’t track people by color. Two people with the same income and employment– applying for a loan on the same home in the same neighborhood– couldn’t help but get the same loan offerings.