Lenders exist in an evironment that is significantly different from the mortgage space of just five years ago. Bill Cosgrove, CEO of Union Home Mortgage and vice chairman of the Mortgage Bankers Association, says once America made it through the financial crisis, it vowed to never go back to that same type of lending again. Per The Plain Dealer:
“Everyone understands now that, if you don't do quality loans, you're not going to be in business for long. You cannot get caught up in market exuberance. Even if housing values are going up, that doesn't mean a consumer has the right mortgage loan for them.”
"Now, the mortgage industry realizes that, at the end of the day, if, the borrower is not successful as a home owner, meaning that they can afford and make the payments, not for 5 years but for 30 years, if they can't do that, then no one wins.
