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Mortgage Preapprovals Can Give CUs an Edge

The top 25 mortgage lenders recently reported only 29,912 preapprovals resulted in mortgages used in a home purchase in 2012, according to data from the Federal Financial Institutions Examinations Council. That figure is down from 101,626 in 2007.

The top 25 mortgage lenders recently reported only 29,912 preapprovals resulted in mortgages used in a home purchase in 2012, according to data from the Federal Financial Institutions Examinations Council. That figure is down from 101,626 in 2007.

Preapprovals also accounted for just 4% of purchase mortgages originated by the lenders last year, down from 9% in 2007.

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Peter Westerman

 

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