The survey found that lenders expect to lend more in 2018 than they did in 2017 by an overwhelming margin at 88%. Additionally, it revealed that growth is expected to be most significant in the Northwest and Southwest regions.
The survey was conducted among mortgage and business lenders by Magilla Loans, an anonymous search engine for home and business loans. The respondents have total combined originations of more than half a trillion dollars in loans.
Magilla Loans said that the survey further found that 56% of lenders believe a Fed rate hike will influence how much they lend to borrowers and that 36% of lenders will be reducing their current requirements for loan approval.
"Of the emerging trends disclosed in the lender survey, the most prominent is that nearly all lenders will be more aggressive in 2018, pointing to a positive inflow of residential and commercial loans across the United States," Magilla Loans CEO Dean Sioukas said. "By providing a simple platform for lenders and borrowers to engage with each other, Magilla Loans is prepared for robust expansion in 2018."
Magilla Loans submitted a survey to more than 200 lenders across the United States, including lenders at seven of the top 10 banks in the U.S. – Wells Fargo, Bank of America, TD Bank, PNC and US Bank.
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Lenders across the US expect to become more aggressive in 2018, a new survey released by Magilla Loans has found.