Mortgage Lending Declines Due to Harsh Winter
Bankers in New York, Richmond, St. Louis, and Kansas City said demand for new mortgages for home purchases fell in the first quarter and blamed the inclement weather this winter for the decline, according to the Federal Reserve's Beige Book survey. Demand also softened in other markets like Philadelphia and Dallas. Cleveland and Atlanta reported an increase in purchase mortgages, but home refinancing fell in four other Federal Reserve districts. Bankers in Atlanta also expressed concern about the Qualified Mortgage rule -- which took effect in January -- with some community bankers reporting that they were leaving the residential mortgage business altogether due to increasing regulatory burdens. "Overall, most bankers remained optimistic for continued slow, steady growth and for some pickup from pent-up demand for housing," said the survey.
From "Mortgage Lending Declines Due to Harsh Winter"
American Banker (03/06/14) Borak, Donna
Bankers in New York, Richmond, St. Louis, and Kansas City said demand for new mortgages for home purchases fell in the first quarter and blamed the inclement weather this winter for the decline, according to the Federal Reserve's Beige Book survey. Demand also softened in other markets like Philadelphia and Dallas. Cleveland and Atlanta reported an increase in purchase mortgages, but home refinancing fell in four other Federal Reserve districts. Bankers in Atlanta also expressed concern about the Qualified Mortgage rule -- which took effect in January -- with some community bankers reporting that they were leaving the residential mortgage business altogether due to increasing regulatory burdens. "Overall, most bankers remained optimistic for continued slow, steady growth and for some pickup from pent-up demand for housing," said the survey.
From "Mortgage Lending Declines Due to Harsh Winter"
American Banker (03/06/14) Borak, Donna
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