Increased standards lead to more rejections
Go to Boston Globe original
Lenders are rejecting more loan applicants with strong credit scores, the latest indication the nation's credit crunch is deepening and further depressing the housing market and the economy.
more stories like thisMortgage companies are growing more cautious and tightening lending standards for some of their most credit-worthy customers - from increasing down payments for home purchases to requiring higher credit scores for loan approvals.
An applicant has to be a prime borrower to qualify for a mortgage or to refinance a loan, said Thomas Marroni, president of New Boston Mortgage Corp., a loan brokerage firm. Two months ago, one out of every 15 of his top-rated loan applicants was turned down. "Now, it's four out of 15," he said.
more...
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment