Perhaps we have overcorrected our lending practices since 2008 and are disallowing well-qualified applicants from getting in the homes they deserve or from refinancing their current property. It was absolutely necessary to tighten credit and strictly verify income and assets in order to avoid another financial meltdown but maybe we have over-complicated the process while ensuring we are more cautious in our lending.
I hear on a daily basis that the mortgage process is too difficult these days and people make jokes about having to provide a blood sample and their firstborn child just to get a mortgage. Maybe this argument has teeth… On the other hand, I have only been in this industry since 2010 so the tight credit conditions are what I am used to. No-doc loans and anything close to a no-doc loan sounds ludicrous to me. But it would certainly make my job easier if credit were relaxed just a little.
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