NAR Board of Directors Adopts Credit Policy

NAR Board of Directors Adopts Credit Policy Calling for Reassessment of Unduly Restrictive Lending Standards

On November 8, 2010, the National Association of REALTORS® (NAR)  Board of Directors adopted Credit Policy recommendations calling on lenders, the Federal Housing Administration (FHA), Fannie Mae and Freddie Mac (the government sponsored enterprises, or GSEs), and federal regulators to reassess and amend their credit policies.  Currently, more than 90 percent of the mortgage market is supported by the GSEs and FHA, yet many qualified borrowers are finding it difficult to obtain a mortgage loan without extremely high credit.  NAR believes that the lending community should look for ways to increase the availability of credit to a broader range of qualified home buyers, including low- and moderate-income families and first-time home buyers.   NAR's Credit Policy contains specific recommendations for changes to unduly tight underwriting criteria that will not only help well-qualified potential borrowers, but also the entire housing market and the economy as a whole.

 If you'd like a copy of the 14 page recommendation please email me at aruotolo@summitfunding.net