For your part, I urge you to continue to develop new and more sustainable business models for lending to lower-credit-score borrowers that lead to better outcomes for borrowers, communities, and the financial system than we have experienced over the past few years. 20  Staff calculations are based on the Federal Reserve Bank of New York Consumer Credit Panel.
First-time homebuyers are measured as consumers who have no record of ever having a mortgage at the end of the second quarter of a given year and opened a mortgage in the third quarter. This estimate includes all types of mortgages but excludes first-time homebuyers who purchased their homes with cash.