Lenders reject multiple credit applications

Borrowers are finding it more difficult to obtain credit because lenders have a renewed awareness of the basics of extending credit, not because borrowers are requesting credit more often.

The current environment affords lenders an opportunity to attain good margins on new business contracted.  Therefore, it would be a bad decision to pass business simply because the applicant has a number of recent inquiries in his credit bureau report.  More discrimination is required to make a sound, informed decision.

The long term implications of the current crisis are a frightening vision.  The impact across many housing related industries won't be truly felt for 3-5 years when a large number of people will not be able to secure any type of home financing.  In turn, we will likely see a new 'Sub Prime' market develop.

People will continue to seek mortgages.  Although the industry is not people friendly now, there will still be people seeking the dream of home ownership.  The credit, DTI and down payment requirements have always been out of reach for most home buyers.  That is why government programs were always popular, and will continue to be popular again.   ...

Borrowers are being punished twice for seeking a loan during the current credit crunch...three times if you are someone who believes lenders and not borrowers are mainly responsible for the crunch in the first place.