Restrictive underwriting and regulation as a result of the Dodd-Frank Act is one of the major reasons that less and less prospective home buyers can qualify for a mortgage.
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I have a friend that works as a loan officer with a big box bank, she has shared with me that 50% of the mortgage applications that she takes in are denied. That is both good news and bad news. The bad news is if you apply for a mortgage with this institution you only have a 50% chance of being successful. The good news, she constantly refers me to many that have been denied.
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The other major factor is employment or should I say the lack of. The true unemployment number is closer to 15%, rather than the BS we continue to hear. Can you imagine if the true unemployment rate really was 5%, the goal of the current Administration, which would mean an additional 10% added to the work force?
