While this report seems to show mortgage credit standards are loosening, 88.9% of lenders said that mortgage credit for GSE-eligible residential mortgages remained the same over the past three months, according to the survey from the Fed. Qualified mortgage non-jumbo loans, non-GSE-eligible mortgages, saw credit standards remain the same at 95% of banks. QM jumbo loans eased somewhat for 7.9% of banks, and non-QM Jumbo loans reduced slightly for 5.2% of lenders.
- The Federal Reserve sent out a survey to senior loan officers, asking about the status of mortgage credit, if it was loosening and how many consumers are applying for the products.
- Credit standards for mortgage loans the bank categorizes as government residential mortgages remained the same over the past three months for 96.5%.
- Another 11.1% reported that credit eased somewhat, the highest increase of all the mortgage types.
Alliance Credit Counseling
10720 Sikes Place Suite 100
Charlotte, NC 28277
(888-995-7856) / (704-341-1010)