Many mortgage lenders

ycoguqi.wordpress.com
Carolyn Sachse, senior vice president and directort of mortgage lending of Stock said the volume of loans decreased because the bank made fewersecond home-equity loans and home-equity lines of credit because of changes in internalk underwriting and secondary market “In 2007, the secondary market and the bank wanted this Sachse said. But in 2008, “it came to a stop,” partly becauswe there were fewer buyers forthosse loans. Because the figures include both commercial and residential they don’t reflect that the averagde amount of a home loan remainedc at about $150,000, Sachse said.
Incentives, rates helping the outlook for mortgages seems to be Pending sales of existing homex rosein May, the third straight month, becausse of low mortgage ratesx and a special $8,000 homebuyers credit under the American Recovergy and Reinvestment Act of 2009, according to a reporyt released Tuesday by the . Century Mortgage’xs Ratanapool said he expects mortgagew rates to stay low for at leasty 12 months to18 months. But it will be more difficuly for anyone except those with the best credit scores to get he said, “and it will take longee to get people througyh the (approval) system.
” Ratanapool predicts that housinbg will play a big role in the but for a complete he said, rates must remain low. “The government has the (ability) to keep ratesa low. They can’t shut (the down before it gets started.” Tragert added that Republic alreadyg sees evidence ofa rebound. Republic made $340 millionj in loans for the first quartereof 2009, including about $250 millionh in residential mortgages, he said. That’s up 30 percent from the firstr quarterof 2008, Trager added.
Stock Sachse said a change that would benefif Louisville directly would befor government-backed mortgage agenciees and to loosen lending guidelines for new When developers began the largs downtown condo projects in 2007, mortgage money was flowing to consumerxs because there was a secondary marker for new condo mort­gages a market that dried up last year. Now, lenderse that make new condo mort­gages have nowhers to sell them, Sachse said, which is forcingv developers to rent to keepcapita flowing. Lending standards might have needed she said, “but now the pendulum’s swung too far the othere way.
”