Great News for Buyers!!!! Lenders already seem to be loosening up a bit. Mark Palim, who oversees economic and strategic research at Fannie Mae, said average credit scores for approved loan applications have dropped slightly over the past few months and lenders are doling out loans with lower downpayments as well. According to the Federal Reserve, nearly 14% of senior loan officers said their banks had gotten less strict in the three months ended in October. Of course, lenders are not expected to return to the lax underwriting standards of the boom years. Banks are much more careful these days, making sure that all mortgages are fully documented, said Palim. They dont want to look irresponsible, or worse, predatory. Theyre very concerned about reputational risk, he said.
Posted on: Tue, 23 Dec 2014 23:34:52 +0000
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