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IN THE NEWS: Education and Marketing Needed to Bring Would-Be Borrowers Into Market According to a recent report by CoreLogic, there was nearly a 50% drop in loan originations in the past decade, but the drop in originations has also correlated with a decline in loan applications. What's even more telling, loans originated during Q4 2016 were some of the highest quality (low credit risk) mortgages since the Millennium. While one might think this is due to tight underwriting standards, the CoreLogic data shows that most people applying for loans are in the 750 and above credit range, and originations are simply keeping up with application demand. In other words, tight underwriting is likely not the culprit. Archana Pradhan, economist for CoreLogic, suggests the issue is likely, "the result of potential applicants, particularly borrowers with less-than-perfect credit, being either too cautious or discouraged from applying for a loan..." This apprehension may be due to misconceptions about lending standards, such as needing perfect credit or requiring 20% down to purchase a home.  |
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