Q2 2025 SLOOS Domestic

OMB No. 7100-0058
Approval expires May 31, 2027

FR 2018

Senior Loan Officer Opinion Survey
on Bank Lending Practices
April 2025
Questionnaire for U.S. Chartered Commercial Banks

Table of Contents

Page

Commercial and Industrial (C&I) Lending

1

Commercial Real Estate (CRE) Lending

7

Residential Real Estate Lending

10

Consumer Lending

17

Special Questions: Commercial Real Estate Lending

21

Special Questions: Commercial Real Estate Lending Secured
by Office Properties

25

Optional Question

27

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April 2025 Senior Loan Officer Opinion Survey

Commercial and Industrial (C&I) Lending
Questions 1-6 ask about commercial and industrial (C&I) loans at your bank. Questions
1-3 deal with changes in your bank’s lending policies over the past three months. Questions
4-5 deal with changes in demand for C&I loans over the past three months. Question 6
asks about changes in prospective demand for C&I loans at your bank, as indicated by the
volume of recent inquiries about the availability of new credit lines or increases in existing
lines. If your bank’s lending policies have not changed over the past three months, please
report them as unchanged even if the policies are either restrictive or accommodative relative
to longer-term norms. If your bank’s policies have tightened or eased over the past three
months, please so report them regardless of how they stand relative to longer-term norms.
Also, please report changes in enforcement of existing policies as changes in policies.

1. Over the past three months, how have your bank’s credit standards for approving applications for C&I loans or credit lines—other than those to be used to finance mergers
and acquisitions—to large and middle-market firms and to small firms changed? (If your
bank defines firm size differently from the categories suggested below, please use your
definitions and indicate what they are.)
A. Standards for large and middle-market firms (annual sales of $50 million or
more):
1.
2.
3.
4.
5.
6.

Tightened considerably
Tightened somewhat
Remained basically unchanged
Eased somewhat
Eased considerably
My bank does not originate C&I loans or credit lines to large and middle-market
firms

B. Standards for small firms (annual sales of less than $50 million):
1.
2.
3.
4.
5.
6.

Tightened considerably
Tightened somewhat
Remained basically unchanged
Eased somewhat
Eased considerably
My bank does not originate C&I loans or credit lines to small firms

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2. For applications for C&I loans or credit lines—other than those to be used to finance
mergers and acquisitions—from large and middle-market firms and from small firms that
your bank currently is willing to approve, how have the terms of those loans changed over
the past three months? (Please assign each term a number between 1 and 5 using the
following scale: 1=tightened considerably, 2=tightened somewhat, 3=remained basically
unchanged, 4=eased somewhat, 5=eased considerably.)
A. Terms for large and middle-market firms (annual sales of $50 million or more):
a.
b.
c.
d.
e.
f.
g.
h.
i.

Maximum size of credit lines
Maximum maturity of loans or credit lines
Costs of credit lines
Spreads of loan rates over your bank’s cost of funds (wider spreads=tightened,
narrower spreads=eased)
Premiums charged on riskier loans
Loan covenants
Collateralization requirements
Use of interest rate floors (more use=tightened, less use=eased)
Other (please specify)

B. Terms for small firms (annual sales of less than $50 million):
a.
b.
c.
d.
e.
f.
g.
h.
i.

Maximum size of credit lines
Maximum maturity of loans or credit lines
Costs of credit lines
Spreads of loan rates over your bank’s cost of funds (wider spreads=tightened,
narrower spreads=eased)
Premiums charged on riskier loans
Loan covenants
Collateralization requirements
Use of interest rate floors (more use=tightened, less use=eased)
Other (please specify)

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April 2025 Senior Loan Officer Opinion Survey
3. If your bank has tightened or eased its credit standards or its terms for C&I loans or
credit lines over the past three months (as described in questions 1 and 2), how important
have the following possible reasons been for the change? (Please respond to either A, B,
or both as appropriate and rate each possible reason using the following scale: 1=not
important, 2=somewhat important, 3=very important.)
A. Possible reasons for tightening credit standards or loan terms:
a.
b.
c.
d.
e.
f.
g.
h.
i.

Deterioration in your bank’s current or expected capital position
Less favorable or more uncertain economic outlook
Worsening of industry-specific problems (please specify industries)
Less aggressive competition from other banks or nonbank lenders (other financial intermediaries or the capital markets)
Reduced tolerance for risk
Decreased liquidity in the secondary market for these loans
Deterioration in your bank’s current or expected liquidity position
Increased concerns about the effects of legislative changes, supervisory actions, or changes in accounting standards
Other (please specify)

B. Possible reasons for easing credit standards or loan terms:
a.
b.
c.
d.
e.
f.
g.
h.
i.

Improvement in your bank’s current or expected capital position
More favorable or less uncertain economic outlook
Improvement in industry-specific problems (please specify industries)
More aggressive competition from other banks or nonbank lenders (other
financial intermediaries or the capital markets)
Increased tolerance for risk
Increased liquidity in the secondary market for these loans
Improvement in your bank’s current or expected liquidity position
Reduced concerns about the effects of legislative changes, supervisory actions,
or changes in accounting standards
Other (please specify)

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4. Apart from normal seasonal variation, how has demand for C&I loans changed over the
past three months? (Please consider only funds actually disbursed as opposed to requests
for new or increased lines of credit.)
A. Demand for C&I loans from large and middle-market firms (annual sales of $50
million or more):
1.
2.
3.
4.
5.
6.

Substantially stronger
Moderately stronger
About the same
Moderately weaker
Substantially weaker
My bank does not originate C&I loans or credit lines to large and middle-market
firms

B. Demand for C&I loans from small firms (annual sales of less than $50 million):
1.
2.
3.
4.
5.
6.

Substantially stronger
Moderately stronger
About the same
Moderately weaker
Substantially weaker
My bank does not originate C&I loans or credit lines to small firms

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5. If demand for C&I loans has strengthened or weakened over the past three months (as
described in question 4), how important have the following possible reasons been for the
change? (Please respond to either A, B, or both as appropriate and rate each possible
reason using the following scale: 1=not important, 2=somewhat important, 3=very
important.)
A. If stronger loan demand (answer 1 or 2 to question 4A or 4B), possible reasons:
a.
b.
c.
d.
e.
f.

Customer inventory financing needs increased
Customer accounts receivable financing needs increased
Customer investment in plant or equipment increased
Customer internally generated funds decreased
Customer merger or acquisition financing needs increased
Customer borrowing shifted to your bank from other bank or nonbank sources
because these other sources became less attractive
g. Customer precautionary demand for cash and liquidity increased
h. Other (please specify)
B. If weaker loan demand (answer 4 or 5 to question 4A or 4B), possible reasons:
a.
b.
c.
d.
e.
f.

Customer inventory financing needs decreased
Customer accounts receivable financing needs decreased
Customer investment in plant or equipment decreased
Customer internally generated funds increased
Customer merger or acquisition financing needs decreased
Customer borrowing shifted from your bank to other bank or nonbank sources
because these other sources became more attractive
g. Customer precautionary demand for cash and liquidity decreased
h. Other (please specify)

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6. At your bank, apart from seasonal variation, how has the number of inquiries from
potential business borrowers regarding the availability and terms of new credit lines or
increases in existing lines changed over the past three months? (Please consider only
inquiries for additional or increased C&I lines as opposed to the refinancing of existing
loans.)
1. The number of inquiries has increased substantially
2. The number of inquiries has increased moderately
3. The number of inquiries has stayed about the same
4. The number of inquiries has decreased moderately
5. The number of inquiries has decreased substantially
6. My bank does not originate C&I lines of credit

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Commercial Real Estate (CRE) Lending
Questions 7-12 ask about changes in standards and demand over the past three months
for three different types of CRE loans at your bank: construction and land development
loans, loans secured by nonfarm nonresidential properties, and loans secured by multifamily
residential properties. Please report changes in enforcement of existing policies as changes
in policies.

7. Over the past three months, how have your bank’s credit standards for approving new
applications for construction and land development loans or credit lines changed?
1. Tightened considerably
2. Tightened somewhat
3. Remained basically unchanged
4. Eased somewhat
5. Eased considerably
6. My bank does not originate construction and land development loans or credit lines
8. Over the past three months, how have your bank’s credit standards for approving new
applications for loans secured by nonfarm nonresidential properties changed?
1. Tightened considerably
2. Tightened somewhat
3. Remained basically unchanged
4. Eased somewhat
5. Eased considerably
6. My bank does not originate loans secured by nonfarm nonresidential properties

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9. Over the past three months, how have your bank’s credit standards for approving new
applications for loans secured by multifamily residential properties changed?
1. Tightened considerably
2. Tightened somewhat
3. Remained basically unchanged
4. Eased somewhat
5. Eased considerably
6. My bank does not originate loans secured by multifamily residential properties
10. Apart from normal seasonal variation, how has demand for construction and land development loans changed over the past three months? (Please consider the number of
requests for new spot loans, for disbursement of funds under existing loan commitments,
and for new or increased credit lines.)
1. Substantially stronger
2. Moderately stronger
3. About the same
4. Moderately weaker
5. Substantially weaker
6. My bank does not originate construction and land development loans or credit lines
11. Apart from normal seasonal variation, how has demand for loans secured by nonfarm
nonresidential properties changed over the past three months? (Please consider the
number of requests for new spot loans, for disbursement of funds under existing loan
commitments, and for new or increased credit lines.)
1. Substantially stronger
2. Moderately stronger
3. About the same
4. Moderately weaker
5. Substantially weaker
6. My bank does not originate loans secured by nonfarm nonresidential properties

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12. Apart from normal seasonal variation, how has demand for loans secured by multifamily residential properties changed over the past three months? (Please consider
the number of requests for new spot loans, for disbursement of funds under existing loan
commitments, and for new or increased credit lines.)
1. Substantially stronger
2. Moderately stronger
3. About the same
4. Moderately weaker
5. Substantially weaker
6. My bank does not originate loans secured by multifamily residential properties

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Residential Real Estate Lending
Note: Beginning with the January 2015 survey, the loan categories referred to in the questions regarding changes in credit standards and demand for residential mortgage loans have
been revised to reflect the Consumer Financial Protection Bureau’s qualified mortgage rules.
Questions 13-14 ask about seven categories of residential mortgage loans at your
bank: Government-Sponsored Enterprise eligible (GSE-eligible) residential mortgages, government residential mortgages, Qualified Mortgage non-jumbo non-GSE-eligible (QM nonjumbo, non-GSE-eligible) residential mortgages, QM jumbo residential mortgages, non-QM
jumbo residential mortgages, non-QM non-jumbo residential mortgages, and subprime residential mortgages. For the purposes of this survey, please use the following definitions of
these loan categories and include first-lien closed-end loans to purchase homes only. The
loan categories have been defined so that every first-lien closed-end residential mortgage loan
used for home purchase fits into one of the following seven categories:

• The GSE-eligible category of residential mortgages includes loans that meet the underwriting guidelines, including loan limit amounts, of the GSEs - Fannie Mae and
Freddie Mac.
• The government category of residential mortgages includes loans that are insured
by the Federal Housing Administration, guaranteed by the Department of Veterans
Affairs, or originated under government programs, including the U.S. Department of
Agriculture home loan programs.
• The QM non-jumbo, non-GSE-eligible category of residential mortgages includes
loans that satisfy the standards for a qualified mortgage and have loan balances that
are below the loan limit amounts set by the GSEs but otherwise do not meet the GSE
underwriting guidelines.
• The QM jumbo category of residential mortgages includes loans that satisfy the
standards for a qualified mortgage but have loan balances that are above the loan limit
amount set by the GSEs.
• The non-QM jumbo category of residential mortgages includes loans that do not
satisfy the standards for a qualified mortgage and have loan balances that are above
the loan limit amount set by the GSEs.
• The non-QM non-jumbo category of residential mortgages includes loans that do
not satisfy the standards for a qualified mortgage and have loan balances that are
below the loan limit amount set by the GSEs.(Please exclude loans classified by your
bank as subprime in this category.)

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• The subprime category of residential mortgages includes loans classified by your bank
as subprime. This category typically includes loans made to borrowers with weakened
credit histories that include payment delinquencies, charge-offs, judgements, and/or
bankruptcies; reduced repayment capacity as measured by credit scores or debt-toincome ratios; or incomplete credit histories.
Question 13 deals with changes in your bank’s credit standards for loans in each of the seven
loan categories over the past three months. If your bank’s credit standards have not changed
over the relevant period, please report them as unchanged even if the standards are either
restrictive or accommodative relative to longer-term norms. If your bank’s credit standards
have tightened or eased over the relevant period, please so report them regardless of how they
stand relative to longer-term norms. Also, please report changes in enforcement of existing
standards as changes in standards. Question 14 deals with changes in demand for loans in
each of the seven loan categories over the past three months.

13. Over the past three months, how have your bank’s credit standards for approving applications from individuals for mortgage loans to purchase homes changed? (Please consider
only new originations as opposed to the refinancing of existing mortgages.)
A. Credit standards on mortgage loans that your bank categorizes as GSE-eligible
residential mortgages have:
1.
2.
3.
4.
5.
6.

Tightened considerably
Tightened somewhat
Remained basically unchanged
Eased somewhat
Eased considerably
My bank does not originate GSE-eligible residential mortgages

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B. Credit standards on mortgage loans that your bank categorizes as government
residential mortgages have:
1.
2.
3.
4.
5.
6.

Tightened considerably
Tightened somewhat
Remained basically unchanged
Eased somewhat
Eased considerably
My bank does not originate government residential mortgages

C. Credit standards on mortgage loans that your bank categorizes as QM non-jumbo,
non-GSE-eligible residential mortgages have:
1.
2.
3.
4.
5.
6.

Tightened considerably
Tightened somewhat
Remained basically unchanged
Eased somewhat
Eased considerably
My bank does not originate QM non-jumbo, non-GSE-eligible residential mortgages

D. Credit standards on mortgage loans that your bank categorizes as QM jumbo residential mortgages have:
1.
2.
3.
4.
5.
6.

Tightened considerably
Tightened somewhat
Remained basically unchanged
Eased somewhat
Eased considerably
My bank does not originate QM jumbo residential mortgages

E. Credit standards on mortgage loans that your bank categorizes as non-QM jumbo
residential mortgages have:
1.
2.
3.
4.
5.
6.

Tightened considerably
Tightened somewhat
Remained basically unchanged
Eased somewhat
Eased considerably
My bank does not originate non-QM jumbo residential mortgages

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F. Credit standards on mortgage loans that your bank categorizes as non-QM nonjumbo residential mortgages have:
1.
2.
3.
4.
5.
6.

Tightened considerably
Tightened somewhat
Remained basically unchanged
Eased somewhat
Eased considerably
My bank does not originate non-QM non-jumbo residential mortgages

G. Credit standards on mortgage loans that your bank categorizes as subprime residential mortgages have:
1.
2.
3.
4.
5.
6.

Tightened considerably
Tightened somewhat
Remained basically unchanged
Eased somewhat
Eased considerably
My bank does not originate subprime residential mortgages

14. Apart from normal seasonal variation, how has demand for mortgages to purchase homes
changed over the past three months? (Please consider only applications for new originations as opposed to applications for refinancing of existing mortgages.)
A. Demand for mortgages that your bank categorizes as GSE-eligible residential mortgages was:
1.
2.
3.
4.
5.
6.

Substantially stronger
Moderately stronger
About the same
Moderately weaker
Substantially weaker
My bank does not originate GSE-eligible residential mortgages

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B. Demand for mortgages that your bank categorizes as government residential mortgages was:
1.
2.
3.
4.
5.
6.

Substantially stronger
Moderately stronger
About the same
Moderately weaker
Substantially weaker
My bank does not originate government residential mortgages

C. Demand for mortgages that your bank categorizes as QM non-jumbo, non-GSEeligible residential mortgages was:
1.
2.
3.
4.
5.
6.

Substantially stronger
Moderately stronger
About the same
Moderately weaker
Substantially weaker
My bank does not originate QM non-jumbo, non-GSE-eligible residential mortgages

D. Demand for mortgages that your bank categorizes as QM jumbo residential mortgages was:
1.
2.
3.
4.
5.
6.

Substantially stronger
Moderately stronger
About the same
Moderately weaker
Substantially weaker
My bank does not originate QM jumbo residential mortgages

E. Demand for mortgages that your bank categorizes as non-QM jumbo residential
mortgages was:
1.
2.
3.
4.
5.
6.

Substantially stronger
Moderately stronger
About the same
Moderately weaker
Substantially weaker
My bank does not originate non-QM jumbo residential mortgages

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F. Demand for mortgages that your bank categorizes as non-QM non-jumbo residential mortgages was:
1.
2.
3.
4.
5.
6.

Substantially stronger
Moderately stronger
About the same
Moderately weaker
Substantially weaker
My bank does not originate non-QM non-jumbo residential mortgages

G. Demand for mortgages that your bank categorizes as subprime residential mortgages
was:
1.
2.
3.
4.
5.
6.

Substantially stronger
Moderately stronger
About the same
Moderately weaker
Substantially weaker
My bank does not originate subprime residential mortgages

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Questions 15-16 ask about revolving home equity lines of credit at your bank. Question 15 deals with changes in your bank’s credit standards over the past three months. Question 16 deals with changes in demand. If your bank’s credit standards have not changed over
the relevant period, please report them as unchanged even if they are either restrictive or
accommodative relative to longer-term norms. If your bank’s credit standards have tightened
or eased over the relevant period, please so report them regardless of how they stand relative
to longer-term norms. Also, please report changes in enforcement of existing standards as
changes in standards.

15. Over the past three months, how have your bank’s credit standards for approving
applications for revolving home equity lines of credit changed?
1. Tightened considerably
2. Tightened somewhat
3. Remained basically unchanged
4. Eased somewhat
5. Eased considerably
6. My bank does not originate revolving home equity lines of credit
16. Apart from normal seasonal variation, how has demand for revolving home equity
lines of credit changed over the past three months? (Please consider only funds
actually disbursed as opposed to requests for new or increased lines of credit.)
1. Substantially stronger
2. Moderately stronger
3. About the same
4. Moderately weaker
5. Substantially weaker
6. My bank does not originate revolving home equity lines of credit

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Consumer Lending
Questions 17-26 ask about consumer lending at your bank. Question 17 deals with changes
in your bank’s willingness to make consumer installment loans over the past three months.
Questions 18-23 deal with changes in credit standards and loan terms over the same period. Questions 24-26 deal with changes in demand for consumer loans over the past three
months. If your bank’s lending policies have not changed over the past three months, please
report them as unchanged even if the policies are either restrictive or accommodative relative
to longer-term norms. If your bank’s policies have tightened or eased over the past three
months, please so report them regardless of how they stand relative to longer-term norms.
Also, please report changes in enforcement of existing policies as changes in policies.

17. Please indicate your bank’s willingness to make consumer installment loans now as
opposed to three months ago. (This question covers the range of consumer installment
loans defined as consumer loans with a set number of scheduled payments, such as auto
loans, student loans, and personal loans. It does not cover credit cards and other types
of revolving credit, nor mortgages, which are included under the residential real estate
questions.)
1. Much more willing
2. Somewhat more willing
3. About unchanged
4. Somewhat less willing
5. Much less willing
6. My bank does not originate consumer installment loans
18. Over the past three months, how have your bank’s credit standards for approving applications for credit cards from individuals or households changed?
1. Tightened considerably
2. Tightened somewhat
3. Remained basically unchanged
4. Eased somewhat
5. Eased considerably
6. My bank does not originate credit card loans to individuals or households

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19. Over the past three months, how have your bank’s credit standards for approving applications for auto loans to individuals or households changed? (Please include loans
arising from retail sales of passenger cars and other vehicles such as minivans, vans,
sport-utility vehicles, pickup trucks, and similar light trucks for personal use, whether
new or used. Please exclude loans to finance fleet sales, personal cash loans secured by
automobiles already paid for, loans to finance the purchase of commercial vehicles and
farm equipment, and lease financing.)
1. Tightened considerably
2. Tightened somewhat
3. Remained basically unchanged
4. Eased somewhat
5. Eased considerably
6. My bank does not originate auto loans to individuals or households
20. Over the past three months, how have your bank’s credit standards for approving applications for consumer loans other than credit card and auto loans changed?
1. Tightened considerably
2. Tightened somewhat
3. Remained basically unchanged
4. Eased somewhat
5. Eased considerably
6. My bank does not originate consumer loans other than credit card or auto loans
21. Over the past three months, how has your bank changed the following terms and conditions on new or existing credit card accounts for individuals or households? (Please
assign each term a number between 1 and 5 using the following scale: 1=tightened considerably, 2=tightened somewhat, 3=remained basically unchanged, 4=eased somewhat,
5=eased considerably.)
a. Credit limits
b. Spreads of interest rates charged on outstanding balances over your bank’s cost
of funds (wider spreads=tightened, narrower spreads=eased)
c. Minimum percent of outstanding balances required to be repaid each month
d. Minimum required credit score (increased score=tightened, reduced score=eased)
e. The extent to which loans are granted to some customers that do not meet credit
scoring thresholds (increased=eased, decreased=tightened)
f. Other (please specify)

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22. Over the past three months, how has your bank changed the following terms and conditions on loans to individuals or households to purchase autos? (Please assign
each term a number between 1 and 5 using the following scale: 1=tightened considerably,
2=tightened somewhat, 3=remained basically unchanged, 4=eased somewhat, 5=eased
considerably.)
a. Maximum maturity
b. Spreads of loan rates over your bank’s cost of funds (wider spreads=tightened,
narrower spreads=eased)
c. Minimum required down payment (higher=tightened, lower=eased)
d. Minimum required credit score (increased score=tightened, reduced score=eased)
e. The extent to which loans are granted to some customers that do not meet credit
scoring thresholds (increased=eased, decreased=tightened)
f. Other (please specify)
23. Over the past three months, how has your bank changed the following terms and conditions on consumer loans other than credit card and auto loans? (Please assign
each term a number between 1 and 5 using the following scale: 1=tightened considerably,
2=tightened somewhat, 3=remained basically unchanged, 4=eased somewhat, 5=eased
considerably.)
a. Maximum maturity
b. Spreads of loan rates over your bank’s cost of funds (wider spreads=tightened,
narrower spreads=eased)
c. Minimum required down payment (higher=tightened, lower=eased)
d. Minimum required credit score (increased score=tightened, reduced score=eased)
e. The extent to which loans are granted to some customers that do not meet credit
scoring thresholds (increased=eased, decreased=tightened)
f. Other (please specify)

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24. Apart from normal seasonal variation, how has demand from individuals or households
for credit card loans changed over the past three months?
1. Substantially stronger
2. Moderately stronger
3. About the same
4. Moderately weaker
5. Substantially weaker
6. My bank does not originate credit card loans to individuals or households
25. Apart from normal seasonal variation, how has demand from individuals or households
for auto loans changed over the past three months?
1. Substantially stronger
2. Moderately stronger
3. About the same
4. Moderately weaker
5. Substantially weaker
6. My bank does not originate auto loans to individuals or households
26. Apart from normal seasonal variation, how has demand from individuals or households
for consumer loans other than credit card and auto loans changed over the past
three months?
1. Substantially stronger
2. Moderately stronger
3. About the same
4. Moderately weaker
5. Substantially weaker
6. My bank does not originate consumer loans other than credit card or auto loans

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Special Questions: Commercial Real Estate
Lending
Questions 27-30 ask how your bank has changed its lending policies over the past year
for three different types of commercial real estate (CRE) loans: construction and land
development loans, loans secured by nonfarm nonresidential properties, and loans secured
by multifamily residential properties.Question 31 asks about changes in demand for CRE
loans over the past year.

27. Over the past year, how has your bank changed the following policies on construction
and land development loans? (Please assign each policy a number between 1 and 5
using the following scale: 1=tightened considerably, 2=tightened somewhat, 3=remained
basically unchanged, 4=eased somewhat, 5=eased considerably.)
My bank does not originate construction and land development loans (Skip to the
next question)
a. Maximum loan size
b. Maximum loan maturity
c. Spread of loan rates over your bank’s cost of funds (wider spreads=tightened,
narrower spreads=eased)
d. Loan-to-value ratios (lower ratios=tightened, higher ratios=eased)
e. Debt service coverage ratios (higher ratios=tightened, lower ratios=eased)
f. Market areas served (reduced market areas=tightened, expanded market areas=eased)
g. Length of interest-only payment period (shorter interest-only periods=tightened,
longer interest-only periods=eased)
h. Other (please specify)
28. Over the past year, how has your bank changed the following policies on loans secured
by nonfarm nonresidential properties? (Please assign each policy a number between
1 and 5 using the following scale: 1=tightened considerably, 2=tightened somewhat,
3=remained basically unchanged, 4=eased somewhat, 5=eased considerably.)
My bank does not originate nonfarm nonresidential loans (Skip to the next question)
a. Maximum loan size
b. Maximum loan maturity
c. Spread of loan rates over your bank’s cost of funds (wider spreads=tightened,
narrower spreads=eased)

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d. Loan-to-value ratios (lower ratios=tightened, higher ratios=eased)
e. Debt service coverage ratios (higher ratios=tightened, lower ratios=eased)
f. Market areas served (reduced market areas=tightened, expanded market areas=eased)
g. Length of interest-only payment period (shorter interest-only periods=tightened,
longer interest-only periods=eased)
h. Other (please specify)
29. Over the past year, how has your bank changed the following policies on loans secured
by multifamily residential properties? (Please assign each policy a number between
1 and 5 using the following scale: 1=tightened considerably, 2=tightened somewhat,
3=remained basically unchanged, 4=eased somewhat, 5=eased considerably.)
My bank does not originate multifamily loans (Skip to the next question)
a. Maximum loan size
b. Maximum loan maturity
c. Spread of loan rates over your bank’s cost of funds (wider spreads=tightened,
narrower spreads=eased)
d. Loan-to-value ratios (lower ratios=tightened, higher ratios=eased)
e. Debt service coverage ratios (higher ratios=tightened, lower ratios=eased)
f. Market areas served (reduced market areas=tightened, expanded market areas=eased)
g. Length of interest-only payment period (shorter interest-only periods=tightened,
longer interest-only periods=eased)
h. Other (please specify)
30. If your bank has tightened or eased its credit policies for CRE loans over the past year (as
described in questions 27-29 above), how important have the following possible reasons
been for the change? (Please respond to either A, B, or both as appropriate and rate
each possible reason using the following scale: 1=not important, 2=somewhat important,
3=very important.)
A. Possible reasons for tightening credit policies on CRE loans over the past year (where
tightening corresponds to answers 1 or 2 in questions 27-29 above):
a.
b.
c.
d.

Less favorable or more uncertain outlook for CRE property prices
Less favorable or more uncertain outlook for market rents on CRE properties
Less favorable or more uncertain outlook for vacancy rates on CRE properties
Less favorable or more uncertain outlook for delinquency rates on mortgages
backed by CRE properties

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e. Less aggressive competition from other banks or nonbank financial institutions (other financial intermediaries or the capital markets)
f. Reduced tolerance for risk
g. Decreased ability to securitize CRE loans
h. Increased concerns about my bank’s capital adequacy or liquidity position
i. Increased concerns about the effects of regulatory changes or supervisory
actions
j. Other (please specify)
B. Possible reasons for easing credit policies on CRE loans over the past year (where
easing corresponds to answers 4 or 5 in questions 27-29 above):
a.
b.
c.
d.
e.
f.
g.
h.
i.
j.

More favorable or less uncertain outlook for CRE property prices
More favorable or less uncertain outlook for market rents on CRE properties
More favorable or less uncertain outlook for vacancy rates on CRE properties
More favorable or less uncertain outlook for delinquency rates on mortgages
backed by CRE properties
More aggressive competition from other banks or nonbank financial institutions (other financial intermediaries or the capital markets)
Increased tolerance for risk
Increased ability to securitize CRE loans
Reduced concerns about my bank’s capital adequacy or liquidity position
Reduced concerns about the effects of regulatory changes or supervisory actions
Other (please specify)

31. If demand for CRE loans from your bank has strengthened or weakened over the past
year, how important have the following possible reasons been for the change? (Please
respond to either A, B, or both as appropriate and rate each possible reason using the
following scale: 1=not important, 2=somewhat important, 3=very important.)
A. Possible reasons for stronger CRE loan demand over the past year:
a.
b.
c.
d.
e.
f.
g.

Customer acquisition or development of properties increased
Customer refinancing of maturing loans increased
Customer outlook for rental demand became more favorable or less uncertain
General level of interest rates decreased
Customer internally generated funds decreased
Customer borrowing shifted to your bank from other banks
Customer borrowing shifted to your bank from nonbank sources (e.g., CMBS,
insurers, or debt funds)
h. Customer borrowing shifted to your bank from alternatives to CRE-backed
funding (e.g., unsecured debt or internal funding)

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April 2025 Senior Loan Officer Opinion Survey
i. Customer precautionary demand for cash and liquidity increased
j. Other (please specify)
B. Possible reasons for weaker CRE loan demand over the past year:
a.
b.
c.
d.
e.
f.
g.

Customer acquisition or development of properties decreased
Customer refinancing of maturing loans decreased
Customer outlook for rental demand became less favorable or more uncertain
General level of interest rates increased
Customer internally generated funds increased
Customer borrowing shifted from your bank to other banks
Customer borrowing shifted from your bank to nonbank sources (e.g., CMBS,
insurers, or debt funds)
h. Customer borrowing shifted from your bank to alternatives to CRE-backed
funding (e.g., unsecured debt or internal funding)
i. Customer precautionary demand for cash and liquidity decreased
j. Other (please specify)

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Special Questions: Commercial Real Estate
Lending Secured by Office Properties
Questions 32-33 ask how your bank has changed its lending policies over the past year
specifically for the type of CRE loans secured by nonfarm nonresidential office properties.

32. Over the past year, how has your bank changed the following policies on CRE loans secured by nonfarm nonresidential office properties? (Please assign each policy a number
between 1 and 5 using the following scale: 1=tightened considerably, 2=tightened somewhat, 3=remained basically unchanged, 4=eased somewhat, 5=eased considerably.)
My bank does not originate office loans (Skip to the next section)
a. Maximum loan size
b. Maximum loan maturity
c. Spread of loan rates over your bank’s cost of funds (wider spreads=tightened,
narrower spreads=eased)
d. Loan-to-value ratios (lower ratios=tightened, higher ratios=eased)
e. Debt service coverage ratios (higher ratios=tightened, lower ratios=eased)
f. Market areas served (reduced market areas=tightened, expanded market areas=eased)
g. Length of interest-only payment period (shorter interest-only periods=tightened,
longer interest-only periods=eased)
h. Other (please specify)

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33. If your bank has tightened or eased its credit policies for CRE loans secured by nonfarm
nonresidential office properties over the past year (as described in question 32 above),
how important have the following possible reasons been for the change? (Please respond
to either A, B, or both as appropriate and rate each possible reason using the following
scale: 1=not important, 2=somewhat important, 3=very important.)
A. Possible reasons for tightening credit policies on office loans over the past year (where
tightening corresponds to answers 1 or 2 in question 32 above):
a.
b.
c.
d.
e.

f.
g.
h.

Less favorable or more uncertain outlook for office property prices
Less favorable or more uncertain outlook for market rents on office properties
Less favorable or more uncertain outlook for vacancy rates on office properties
Less favorable or more uncertain outlook for delinquency rates on mortgages
backed by office properties
Less aggressive competition from other banks or nonbank financial institutions for loans secured by office properties (other financial intermediaries or
the capital markets)
Reduced tolerance for risk for loans secured by office properties
Decreased ability to securitize loans secured by office properties
Other (please specify)

B. Possible reasons for easing credit policies on office loans over the past year (where
easing corresponds to answers 4 or 5 in question 32 above):
a.
b.
c.
d.
e.

f.
g.
h.

More favorable or less uncertain outlook for office property prices
More favorable or less uncertain outlook for market rents on office properties
More favorable or less uncertain outlook for vacancy rates on office properties
More favorable or less uncertain outlook for delinquency rates on mortgages
backed by office properties
More aggressive competition from other banks or nonbank financial institutions for loans secured by office properties (other financial intermediaries or
the capital markets)
Increased tolerance for risk for loans secured by office properties
Increased ability to securitize loans secured by office properties
Other (please specify)

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Optional Question
Question 34 requests feedback on any other issues you judge to be important but are not
addressed in this survey.

34. Are there any other recent developments in lending practices not addressed in this survey
that you find particularly significant? Your response will help us stay abreast of breaking
issues and in choosing questions for future surveys. There is no need to reply if you have
nothing you would like to add.

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