Consumer Bankruptcies Down 3 Months in Row
In addition to falling from a month earlier and a year earlier, the number of consumer bankruptcy filings has retreated for three consecutive months.
Mortgage Credit Eases, Further Loosening Likely
For the third month in a row, credit conditions in residential lending have loosened -- a trend that is likely to continue given recent events.
Mortgage Complaints Diminish Despite Overall Rise
Even though the volume of complaints filed against financial services providers has risen from a year ago, mortgage complaint volume was down.
Increase in Mortgage Closing Rate, Refi Share
As refinances took up a bigger share of monthly mortgage production, the ratio of loans that closed improved. While average credit scores eased, other metrics used to determine credit quality were unchanged.
CRE Standards Tighter as Residential Demand Up
Banks are reporting that lending standards on commercial real estate loans have recently been more restrictive. On the residential lending side, demand is on the increase.
Mortgage Credit Conditions Continue to Improve
After ascending to a post-crisis high, mortgage credit conditions loosened for the second consecutive month. The improvement came as refinances are slowing.
Consumer Bankruptcy Filings Fall Again
For the second month in a row, fewer U.S. consumers resorted to U.S. Bankruptcy Courts to absolve themselves of debt.
Mortgage Complaints Defy Overall Complaints
The average volume of mortgage complaints has fallen from a year ago versus a rise in overall complaints, though there's recently been a flip flop.
Mortgage Processing Turnaround Slows
As the monthly share of mortgage originations that were for refinances expanded last month, the length of time that it took to process and close a residential loan increased.
Post Crisis High for Mortgage Credit Availability
Credit conditions in the residential lending business are more lax now than they have been at any time since the financial crisis erupted.