Tuesday, March 22, 2011
Since the first of the year, processed loan origination requests are down about 20 percent and dollar volume for the same two-month period is down as well, from $852.1 million in 2010 to $733.3 million a year later, he said.
Davis points out that lenders close a relatively small percentage of origination requests received. But Cambridge routinely tracks this information as an indication of market direction.
“Credit market restrictions are impacting the types of loans we can reasonably consider at this time, and this is causing us to be more selective in the types of loans that are entered into our system. The lower comparative totals are a bit misleading for this reason.
“For popular FHA-insured HUD loans, the demand continues unabated,” he said.
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