DS5: The Tightening of Mortgage Eligibility

DS5: Inside the Industry features an exclusive interview with Eric Kaplan, Director, Milken Institute of Financial Research, Vice-Chair of the Consumer Advisory Board of the Consumer Financial Protection Bureau. 

Kaplan will delve into how COVID-19 has impacted a potential homeowner's ability to achieve homeownership, as the access to credit has tightened in recent weeks. 

Recently, JPMorgan Chase & Co. tightened its standards last month, requiring borrowers to have minimum credit scores of 700 and to make down payments of 20% of the home price on most mortgages, including refinances if the bank didn’t already manage the loan. Wells Fargo & Co. also increased its minimum credit score to 680 for government loans that it buys from smaller lenders before aggregating them into mortgage bonds.

View the entire video below or at the following link.