From the May issue: How do your clients stack up as potential mortgage candidates in this year’s increasingly tough underwriting environment? Do they have the right stuff — credit score, debt-to-income ratio, equity or down payment — to get through the minefield?
A new statistical analysis, based on a large sample of all mortgage applications approved and denied in recent months, offers valuable benchmarks for anyone thinking about financing a home purchase or refinancing an existing loan. The study taps into data from the loan processing software used for roughly one-fifth of all new mortgage applications nationwide, supplied by the technology firm Ellie Mae. [more]