In the years following the 2008 financial crisis, many aspiring homeowners found that lenders’ underwriting requirements had increased to such a degree that many creditworthy borrowers were finding it difficult or impossible to qualify. Just over ten years later, the underlying challenges apparently still remain. The Urban Institute recently reported that over 45 million U.S.Read More
The latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reveals that overall home price growth continues to show signs of slowing, a good sign for homebuyers looking to break into the market. However, many metro areas posted above average price gains, and affordability in those cities is a major concern. For example, pricesRead More
It certainly took some time, but a decade after the housing crisis, most analysts seem to agree that credit availability is slowly heading in the right direction. But if it seems like a large number of mortgage applications are still being rejected – many from creditworthy borrowers who simply don’t fit traditional guidelines – that’sRead More
“Today’s average American home buyer is young, educated and becoming increasingly more diverse.” – Zillow There’s little doubt that the U.S. borrower base is rapidly changing and becoming more diverse. That diversity includes millennials, self-employed, investors, foreign nationals, and those with imperfect credit. Yet, despite some loosening, conventional lending guidelines have failed to keep paceRead More
No matter how you view it, the traditional credit box is changing. The need for responsible risk management will not change, but the traditional process of evaluating whether borrowers are creditworthy – or not – is transforming. At Verus Mortgage Capital, we often hear from lenders who don’t think that traditional lending standards are keepingRead More