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Tag Archives: credit

Credit Access on the Incline

A record amount of Americans have access to credit through credit cards, auto loans, personal loans—and of course mortgages. See the breakdown here.

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Homebuilders Report Loosening Credit Standards

Builders and developers have reported that credit conditions for acquisition, development, and single-family construction (AD&C) have been easing in the past few months. Eased lending standards are linked with growth in the volume of residential construction loans held at banks, and by extent, the growth in residential construction as a whole. Sales of brand-new homes are expected to jump 10.7 percent this year as the historically low inventory has been pushing for increased construction.

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Examining Credit State By State

A recent study by LendEDU examines how credit has shifted by state. Experian’s data puts Minnesota at the top with an average credit score of 718. The top three metros witht eh highest credit scores were all in Minnesota: Mankato, Rochester, and Minneapolis. Nationally, the VantageScore average grew from 669 to 673 in 2016.

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Household Debt Reaches Recession-Level Highs

On Wednesday, the New York Federal Reserve released its Q1 report on household debt and credit. According to the report, total household debt totaled $12.73 trillion in Q1 2017. This means that household debt has finally surpassed its $12.68 trillion peak reached during the recession in 2008. This is a $149 billion quarterly increase.

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Mortgage Defaults Climb Slightly

mortgage default rates are up one basis point from February to .75 percent, a one-year high. Year-over-year, the mortgage default rate dropped from .77 percent, while the bank card default rate increased year over year. Of the five major cities covered by the S&P/Experian Consumer Credit Default Indices (New York, Chicago, Dallas, Los Angeles, and Miami), New York and Chicago posted month-over-month increases in the Index level, while Dallas, Los Angeles, and Miami posted month-over-month decreases in defaults.

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GSEs Expand Credit Box, Take More Lending Risk

A new index shows the GSEs are expanding their credit boxes and taking more risk, making it easier for consumers to get a mortgage loan. Government, portfolio, and private-label security channels are not expanding the box, however, and are actually decreasing the amount of risk they take in lending. Though overall mortgage credit availability is largely stable, there is still much room to expand the credit box—particularly in these more stringent markets.

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Small Cities Post Higher Credit Scores Than Big Ones

Higher credit scores are by far the domain of small cities near major ones. A new study of average credit scores by LendEDU shows that among major cities, top average scores are moderate compared to most smaller cities. And there is no geographical area that owns high or low scores.

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Conforming Loans Can’t Keep Up

Analyzing data from Ellie Mae’s AllRegs Market Clarity tool, the Mortgage Bankers Association determined that its Mortgage Credit Availability Index increased 3.2 percent in March. However, conforming loans access decreased by 2.6 percent, as mid-priced homes have jumped in price.

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The Week Ahead: Hope For Credit Growth

The Federal Reserve will release its February 2017 Consumer Credit survey. Previous studies have revealed that although ejection rates on credit applications declined, consumers still felt pessimistic. For example, February’s report revealed that consumers were 12.2 percent less likely to apply for a mortgage refinance than before.

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