Homebuyers faced an increasingly expensive housing market in 2022, according to the Consumer Financial Protection Bureau (CFPB) report. Costs, fees and monthly payments all rose in the past year, making it more challenging for prospective borrowers to access financing.
The report also revealed that a greater number of loan applicants were denied in 2022. Stricter lending standards were responsible for much of these rejections, a trend which is expected to continue throughout the current year as lenders remain vigilant.
•Borrowers experienced increased costs, fees and monthly payments in 2022.
•Lending standards became stricter, leading to a higher amount of loan rejections.
•Rising expenses and more stringent criteria is anticipated to continue in 2023.
You can read this full article at: https://www.housingwire.com/articles/mortgage-costs-lender-denials-jumped-in-2022-cfpb/(subscription required)
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