LendingTree Mortgage Credit Accessibility Report Indicates Increased Credit Availability in August
According to the report, the average accessibility score for the US was 106 in August, compared to 103 in July and 100 in June, indicating that borrowers had an easier time accessing mortgage credit in August compared to prior months. The Credit Accessibility score is benchmarked at 100, using data from the full year of 2012.
"Over the past few years, potential borrowers may have found it difficult to get approved for a loan. But as home prices rise, refinance activity slows and government programs change, potential borrowers are finding it easier to gain access to credit," said Doug Lebda, founder and CEO of LendingTree. "Lenders are easing down payment and credit score requirements while still adhering to conforming loan guidelines. And as the private securitization market starts to bounce back, borrowers who didn't qualify in the past may now have that opportunity."
About LendingTree, LLC
LendingTree, LLC is the nation's leading online source for competitive home loan offers, empowering consumers during the mortgage, refinance or auto loan process. LendingTree provides an online marketplace which connects consumers with multiple lenders that compete for their business, as well as an array of online tools and information to help consumers find the best loan. Since inception, LendingTree has facilitated more than 30 million loan requests and $214 billion in closed loan transactions. LendingTree provides access to lenders offering mortgages and refinance loans, home equity loans/lines of credit, and more. LendingTree, LLC is a subsidiary of Tree.com, Inc. (NASDAQ: TREE). For more information go to www.lendingtree.com, dial 800-555-TREE, join our Facebook page and/or follow us on Twitter @LendingTree.