Consumer and Commercial Loans Easier to Obtain

kenteegardin / Foter / CC BY-SA

According to the latest Survey of Credit Underwriting Practices done by the Office of the Comptroller of the Currency (OCC), banks are easing the requirements for obtaining both consumer and commercial loans.

The change in banks’ requirements is linked to overall positive economic predictions. This means that banks consider the economic conditions as improving and likely to improve further and are reacting accordingly.

The 2013 survey, released this January, correlates with the decrease in the Money Anxiety Index that went down 13.3 points throughout last year.

The index decrease shows that consumers are also less anxious about their financial situation and thus more likely to make bigger purchases and take loans.

Read the full article at National Mortgage Professional Magazine.

Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog. He has held a range of different roles within the surety industry, from agent assistant to bond issuer, which gives him a unique insider perspective on surety related topics.

Leave a Reply

Your email address will not be published. Required fields are marked *