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The CFPB says the rule will produce 22,000 more mortgages each year, but some disagree with its premise
30% of millennials and Gen Zers moved up credit tiers within the past two years, more than older consumers.
Elevated interest rates drive down borrowing activity, while home equity provides relief amidst rising delinquencies.
Switching to two credit reports may sideline potential homeowners and result in higher costs.
Q2’s decline in total mortgage balances – the first since 2015 – shows spring homebuying season lenders were banking on barely materialized.
In Q4 2022, originations fell 65% year over year, the largest decline since TransUnion began tracking it.
