<p>Access to mortgage credit in the USA remains stratified by race/ethnicity and immigration status, which impacts socioeconomic mobility and intergenerational wealth. Asian borrowers are a useful case to understand this stratification because they encompass diverse ethnic groups, are bifurcated socioeconomically, and include a large immigrant population. Our study is the first to introduce a lender-type taxonomy that examines subprime mortgage lending patterns at traditional lenders, Asian ethnic banks, and financial technology (fintech) lenders—which operate online and utilize advanced underwriting techniques. We use a series of econometric models and Home Mortgage Disclosure Act (HMDA) mortgage data that includes detailed racial/ethnic categories to disaggregate Asian borrower data to understand different pathways to homeownership and mortgage access. We assess the rate at which Asian borrowers seek mortgages from these lenders and the likelihood that borrowers receive subprime loans. We then explore heterogeneity across ethnic groups. Finally, we explore individual ethnic bank lending patterns and examine these banks’ loan products and underwriting processes. To contextualize these patterns, we provide qualitative data regarding ethnic bank lending practices, which reveal distinct institutional logics of lending. Relative to results at traditional lenders, borrowers are significantly more likely to receive subprime terms from ethnic banks and significantly less likely to receive subprime terms from fintech lenders. We find that subprime loan receipt varies by ethnic group. Findings highlight how lender-type structures cost of credit for borrowers, underscoring the importance of examining institutional differences when assessing disparities in mortgage lending.</p>