Escolar Documentos
Profissional Documentos
Cultura Documentos
experiencesinthe4th quarterof2015.Participantswere
queriedoncurrenttrendsinlending,theirwillingnessto
originatecertainproducts,theoutlook,andtheimpactof
recentpolicyandregulatorychanges.Hereareafewofthe
principalfindings:
NonQMlendingmadeamodestcomebackinthe4th quarterledby
banks,whilemortgagebankersspurreddemandforrebuttable
presumptionloans.
InvestordemandfornonQMloansslumped,butisexpectedtoimprove
modestlyoverthenextsixmonths
Creditaccessingeneralisexpectedtoriseoverthecomingsixmonthsas
isinvestordemandformostcategories
Lendersreportthat8.3percentofsettlementsweredelayedand1.5
percentcancelledduetoTRID.Midsizedoriginatorsreportedthemost
issues
Morethan60percentofrespondentsadvisedclientsforlongerrate
locks,butnearlyhalfofthisgroupindicatedthattheycouldcomplete
settlementwithoutthebufferonatleastsometransactions
Lessthan30percentoflenderswerewillingtosharetheclosing
documents(CD)withREALTORS
Themajorityoflendersexpectoperationstonormalizewithin9months
70percentofrespondentsthinktheFHAsrevisedcondoruleswillhelp
withaccesstocredit
NonQMLendingIncreasedModestlyin
the4th quarter,butRemainsSubdued
Largerlendersandbanksaremorelikelyto
originatenonQMloans,whilenonbanksand
smalllendersfocusinsidetheexemptionsto
theAbilitytoRepay(ATR)rule
WhiletheshareoflendersofferingnonQMand
rebuttablepresumptionloanswassteady,Lenders
willingnesstoextendthiscreditcontinuedtocontract
InvestordemandfornonQMloanssoftenedin
the4th quarterasmorerespondentsindicated
eitherflatordeclininginterest.
Lendersexpectamodestimprovementin
accessforallborrowers
whileinvestorinterestisexpectedtogrowfor
rebuttablepresumptionloansandtoeaseforprime
POLICYISSUES:
TRIDANDFHACONDORULES
TRIDcausedsomedelaysandcancellations.On
average,6dayswereaddedtorespondents
settlementprocessduetotheTRIDchanges
TRIDsimpactwasmorepronouncedformidsizedoriginators
Lendersareadvisingclientstotakelongerrate
locks,butasignificantsharefelttheycould
settleontimewithoutthebuffer
60percentofrespondentsreportedanincreaseinrate
lockextensionsduetoTRID,while30percentindicated
somedegreeofreluctancetoofferpreapprovalletters
Lendersnamedvendorsoftwareand
investorissuesasmajorblockagesinthe
TRIDprocess
Thetitleprocessandclosingagentswere
sitedwithalowerfrequency,while
REALTORSwerecitedfrequentlybutwitha
lesserdegreeofimpact
Despiteamorefavorableviewof
REALTORSthanothersettlement
partners,morethan55percentof
originatorsdonotsharethenew
closingdocumentwithREALTORS
Respondentsindicatedthat
transactionsinvolvinglawyerswere
slowerandmoreproblematic
60percentoflendersexpecttheiroperationsto
benormalizedwithin6months,butonly45
percentexpectinvestorstobecomecomfortable
inthatsameperiod
70percentoforiginatorsthink
changestotheFHAscondolending
policieswillimproveaccesstocredit
Appendix:
SurveyMethodology
135lendersweresurveyed
ThesurveywasconductedfromJanuary13th to
February3rd
Responseratewas17.8%
Geographicallydiversegroupoflendersfocused
onthepurchasemarket
Othercharacteristicsinlinewithpriorsurveys
QuestionscanbedirectedtoKenFearsat
kfears@realtors.org
NationalAssociationofREALTORS
ResearchDivision
http://www.REALTOR.org/researchandstatistics
https://www.facebook.com/narresearchgroup
@NAR_Research
https://www.pinterest.com/narresearch/