Banks have tightened lending standards for most categories of residential real estate (RRE) loans and home equity lines of credit (HELOC) over the third quarter of 2023. The tightening came amid elevated interest rates and uncertainty in economic conditions. 

A survey taken by the Federal Reserve showed that a 20%-plus share of banks reported having tightened standards on non-qualified-mortgage (non-QM) jumbo residential loans (23.9%), QM jumbo loans (26%), non-QM non-jumbo (20.4%) and HELOCs (21.8%), respectively, according to the Federal Reserve’s October 2023 senior loan officer opinion survey on bank details ⇒

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