Mortgage originators told surveyors their business conditions somewhat improved compared to last year, but regulations still hobble their abilities to make mortgage loans.
The Collingwood Group, a Washington-based business advisory firm specializing in the mortgage industry, conducted the survey on Sept. 14 and 15 and received responses from 130 mortgage industry executives. The company conducted a similar survey in September 2014.
According to the firm, 66% of this year's respondents said their business conditions were either a little or much better compared to last year.
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This represented a significant shift from last year, when a majority of mortgage originators reported their business conditions that year were a little worse compared to the year prior, according to the data.
The firm attributed the higher numbers to better overall economic conditions, plus a perception of more housing starts and greater purchase money volume.
However, while a majority of mortgage executives believed their business had improved, 72% cited government regulation, particularly from the CFPB, as the chief obstacle standing in the way of making more mortgage loans.
"Survey respondents complained that while the CFFB is generating new regulations that are designed to protect the consumer, the costs to comply with the new rules result in higher rates and fees for borrowers," the firm said.
Respondents listed obstacles hurting their business as: Regulation (72%), applicants failing to qualify (19%), low demand (9%) and too much competition (5%).
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