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Lenders say that mortgage rules have reduced their willingness to lend
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The Federal Reserve released the results of its July 2014 Senior Loan Officer Opinion Survey on Bank Lending Practices on Aug. 4. The survey addresses changes in lender opinions over the past three months, and is compiled from the responses of 75 domestic banks and 23 U.S. branches and agencies of foreign banks.
This particular survey contained a special set of questions designed to gauge the impact that the Consumer Financial Protection Bureau’s (CFPB) Ability-to-Repay and Qualified Mortgage standards have had on lender practices since the rules went into effect Jan. 10 as part of the Truth in Lending Act.
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