First American Financial Corp.’s Mark Fleming says he expects a loosening of the recent tight credit standards presumably caused by the “Know Before You Owe” rule, according to a report in GlobeSt.com.
“The tightness in the jumbo market is really due to change that will be sorted out by industry participants over time,” Fleming said. The financial executive went on to say that with mortgage rates under 4%, home buying is more affordable than many realize. Houses are actually 18% more affordable than they were 15 years ago, he said.
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