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Can your customers get credit?

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Mortgage Professional America | 12 Feb 2014, 10:35 AM Agree 0
Mortgage credit availability was up in January for larger wholesale lenders and investors, but tightened for smaller lenders
  • Dennis Duncan | | 13 Feb 2014, 06:32 AM Agree 0
    Interesting. Tells me the Fed's letting rates go up finally forced big box lenders to lower their standard closer to historical mean. This is Phase I of thier treatment. Phase II is the cure for analysis paralysis which they have had since 2008.
  • Traci | | 14 Feb 2014, 01:46 PM Agree 0
    Already seeing tightening of credit. I had the following scenario that DU FNMA turned DOWN: 736 middle credit score, 26 yrs on same job, $79K down payment on $129K mortgage = $50K mortgage with 39% LTV. Ratios of 12/47...DENIED!!! Thanks QM.
    Also hard compliance costs are up: third party VOE went from $17.50 to $31.50. 3% cap affecting profit margin and interest rates are going up for clients when lender obsorbed fee is utilized. Consumer Protection is Consumer Harming in many ways!!
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