The housing market may be showing flickers of recovery, but don't count on lenders to make it any easier for borrowers.
While banks are seeing stronger demand for home loans, they're not loosening up their tight credit requirements, according to the Federal Reserve's April survey of senior loan officers.
The survey, released Monday, found more than 90% of the bank respondents made basically no change over the last three months in their credit standards for prime home borrowers -- those who have relatively high credit scores and well-documented financial statements. And for nontraditional residential loans, which include interest-only mortgages and "alt-A" products with limited income verification, credit standards tightened a bit since January.
The Fed's quarterly survey, however, showed more banks eased standards for most other types of consumer loans. And demand for all types of consumer loans rose somewhat, the Fed said, with auto loans having the biggest increase.