Fewer banks tighten mortgage underwriting standards

Banks tighten standards for commercial loans, credit card borrowing. In the most recent Survey on Bank Lending Practices, senior loan officers report that banks tightened lending standards.

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With 30-year mortgage rates hitting new lows and recent borrowers’ payment performance the best by far in decades, you’d think that banks and other lenders might be loosening up on their hyper-strict.

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Credit Culture. Fewer community banks are demonstrating a strong credit culture that makes them unwilling to bend on their historical credit practices. Those with weak cultures are more prone to easing underwriting, offering new products, or worse, to simply pumping up their loan volume.

The FHA’s decision to tighten underwriting standards could mean fewer first-time home buyers are able to get mortgages. Roughly 40,000 to 50,000 loans a year likely would be affected, or about 4% to 5% of the FHA-insured mortgages originated annually in recent years, according to Keith Becker, the agency’s chief risk officer.

How a mortgage underwriter will review your income on your taxes when applying for a home loan Banks tighten SME lending .. is more a reflection of the tightening by the banks on their mortgage lending.. “While we do not anticipate a loosening of underwriting standards or re-acceleration of lending, the soft recommendations of the Royal Commission final report is a clear win for the banks.

Combining these with responses from the Federal Reserve Senior Loan Officer Opinion Survey on Bank Lending Practices to characterize banks’ changes in residential mortgage lending standards, the paper found, a significant variation of denial rates across banks, even during the most recent housing boom in the mid-2000s.

New mortgage rules tightened household lending in first quarter, Bank of Canada says The Bank of Canada says new underwriting rules and higher interest rates are already weighing on the loan.

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Nearly 10% of banks said they tightened credit card standards, compared to 2% that eased. While most of the questions on the survey do not change, the Fed typically asks several special questions. One of these focused on credit card debt.

Fewer banks tightened underwriting standards, while a slightly more than last year even eased them, according to a survey conducted by the Office of the Comptroller of the Currency. The agency surveyed 87 of the largest banks, covering 91% of all consumer loans in the U.S. banking system.

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