The debt-to-income ratio of credit union members applying for mortgage modifications during the last year was 50.5%, according to NAFCU's Flash Report released today.
The average debt-to-income ratio of members whose applications were approved was 46.5% during that time period. The average ratio for mortgage originations was 28.2%.
The most popular form of mortgage modifications was interest rate adjustment, followed by extensions of the maturity date and loan consolidation.
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The survey also showed that 30.2% of respondents saw an increase of member business loans in 2008 and two-thirds of the requests were for smaller loans compared to 2007.
Year-over-year loan growth as of March was 11.4%, compared to 12.7% as of February. Month-to-month loan growth was .1% in March, compared to .4% in February.
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