Mortgage Executive Outlook Increasingly Weaker
The outlook among senior lending executives for home values and mortgage demand has grown increasingly weaker over the course of this year.
Credit Conditions Worsen in November
Home lenders pulled back on the reins last month, with credit scores on funded business climbing and loan-to-value and debt-to-income ratios tightening.
Jumbo Cashouts Behind Increased Credit Availability
Credit conditions in home lending eased slightly last month. The improvement was attributed to new jumbo cashout programs.
Self Employed Struggling to Get Mortgages
Although self-employed consumers earn more than their salaried counterparts and represent a growing share of the population, they are having a harder time obtaining home financing.
Bankruptcy Filings Tumble
New consumer bankruptcy cases were down by more than a fifth last month, while full-year filings are positioned to reach a seven-year low.
Mortgage Closing Rate, Turnaround Improve
As a bigger share of mortgage applications were funded last month, the number of days it took to close a home loan was reduced.
Bankruptcy Filings Climb in October
The number of debtors to file a new bankruptcy worsened last month but continued to improve on a year-over-year basis.
Large Banks Ease Credit Standards More than Small Ones
Large banks are becoming more flexible than their smaller counterparts on residential lending. A similar trend was reported for commercial mortgages.
REO Lending Programs Behind Credit Tightening
Credit conditions on home loans tightened last month, though the contraction was attributed to the elimination of programs targeted at financing foreclosed properties.
Credit Scores Rise, As Does Higher LTV Share
After a period of loose lending standards, credit scores have returned to levels similar to those of two decades ago. But a larger share of mortgages have higher loan-to-value ratios.