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Home Lenders Relaxing Standards

Home Lenders Relaxing Standards



Lenders are relaxing standards for home loans.

A Federal Reserve study shows fewer home-buyers are applying for loan refinancing, so some mortgage lenders are loosening credit standards since demand for refinancing is slowing down.

More than a quarter of the big banks in the study say they've eased standards on residential mortgages in the past three months.

One of the results is that home buyers are getting faster service from their lenders.

About 44 percent of the lenders say the time for closing from the day of application has gone down a little since the volume of refinances has fallen.

- Rob Archer

 

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