What was the default rate for each group? If both whites and blacks who got the loans had the same default rate, then the selection method would appear to be racially colorblind. If the bankers were racists, then the blacks who did get loans would have a lower default rate than whites because they would be the financially best blacks vs. the average white.
Also, how many of the formal rejections were the results of racial discrimination laws? Whites who didn't earn enough money for the house they wanted might be told at the loan officer's desk "this won't be approved. You need to make twice your income to get it". On the other hand a smart loan officer would know to never even try that with a black person. He would just fill out the forms and pass them up to the underwriter to approve or deny. Thus more blacks would be formally denied while whites could be chased off before the paperwork is even filed.