The Real Deal New York

Are today’s mortgage standards tougher than ever?

Average borrower profiles now “pretty pristine”

May 16, 2012 04:30PM
By Kenneth R. Harney

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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]