Mortgage Professionals Should be Optimistic About the Future

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64 | TH E M REP O RT FINAL THOUGHTS Final Thoughts It's a new year with new hopes for the mortgage industry. Here are some closing comments on 2014 from the people who will help shape the lending landscape over the next 12 months. "The key challenge is that the mortgage market is excluding half the borrowers with weaker credit profiles, including minorities." The Urban Institute's LAURIE GOODMAN, about mortgage denial rates by race. "As [the credit market] becomes tighter, you're going to see more and more fraud." LexisNexis Risk Solutions' TIM COYLE points to potential causes of rising mortgage application fraud. "These underwriting guidelines provide a responsible approach to improving access to credit while ensuring safe and sound lending practices." FHFA Director MEL WATT on the GSEs' new low down- payment options. "It's very difficult to say credit is tight when 50 percent of all agency purchase loans have down payments of 5 percent or less [or when] 66 percent of all first-time homebuyers are putting down 5 percent or less." The American Enterprise Institute's EDWARD PINTO refutes claims that stringent credit conditions are keeping first-time buyers out of the market. "Based on its current assessment, the committee judges that it can be patient in beginning to normalize the stance of monetary policy." Policymakers at the Federal Reserve indicate they're in no rush to raise interest rates.

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