Not the Frankie Goes to Hollywood version! This is about what mortgage lenders may begin doing in regards to credit standards and availability.
With the recent rise in mortgage interest rates, many current homeowners have opted to not refinance. Refinancing was taking placing at a feverish pace with lower interest rates and many lenders built up an infrastructure to accommodate business needs. Refinancing activity has dropped off dramatically, but the infrastructure for loan processing still exists.
Many lenders have begun looking to lower credit standards to attract new borrowers. To that end, there could be an increase in credit availability. An increase in higher risk loans would open mortgage options to a many who do not have the creditworthiness to buy with current credit benchmarks. A lack of customers, and existing business needs are creating a more borrower-friendly environment for lower credit score would be homeowners.
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