Industry NewsMortgage

Survey shows lenders still cautious

Three in four banks tightened mortgage standards
Published on Jul 22, 2009

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by CareyBot

Nearly three out of four major U.S. banks tightened their underwriting standards for residential mortgage loans in the 12 months ending March 31, and one in five discontinued or planned to discontinue one or more retail mortgage products.

While not unexpected, those and other findings of an annual survey by the Office of the Comptroller of the Currency demonstrate the extent of a second consecutive year of tightened lending standards following four years of eased underwriting.

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