Is the mortgage credit box really loosening?

frozen-credit1-300x198Federal Reserve survey tells all

By Kelsey Ramírez | HousingWire

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.

HousingWire readers saw this morning that mortgage credit standards loosened in October, especially among jumbo loans, according to the latest report from the Mortgage Bankers Association.

But while this report seems to show mortgage credit standards are loosening, 88.9% of lenders reported that mortgage credit for GSE-eligible residential mortgages actually remained the same over the past three months, according to the survey from the Fed. Another 11.1% reported that credit eased somewhat, the highest increase of all the mortgage types.

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