In past cycles, when interest rates rose and origination volume was harder to come by, mortgage lenders relaxed underwriting criteria, undercut each other on price, or both, hurting loan quality.

Rates are rising again. Moreover, a new president who campaigned on a platform of reduced regulation is about to take office, and his administration seems poised at the very least to temper the recent zeal for enforcement. It's only natural to wonder if the combination could put the industry back on the path to the excesses that led to the financial crisis a decade ago.

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Authoritative analysis and perspective for every segment of the mortgage industry