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The loans are in limited supply but are likely to be a growing part of the mortgage market, serving mostly untapped and underserved borrowers desperate for credit access, says Keith T. Gumbinger, vice president of HSH.com, a mortgage information website.

But, he adds, “Any new entrants into this space will likely learn the recent (housing crash) lessons and return to the more traditional underwriting standards.” The loans also are expected to be heavily regulated.

5. Rising interest rates could encourage competition. Lantz predicted rising rates could soften consumer demand and increase the supply of available loans. Lazerson said he sees mortgage brokers and banks imposing fewer overlays in the future.

Interest rates are expected to continue increasing, with some analysts saying 30-year fixed-rate mortgages could hit 5 percent in the next 12 months. (They reached 4.51 percent last week.)

“As there are fewer borrowers and they (lenders) are trying to figure out ways to get loans in the door and fund loans, they’re going to be less restrictive,” Lazerson said.

Jay Brinkmann, chief economist at the Mortgage Bankers Association, says in Investor’s Business Daily recently that rising rates alone won’t drive down home sales in the long run.

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