May 10, 2024
Spring EQ LLC is offering closed-end second liens for homebuyers who are purchasing a property that has an assumable first mortgage. The lender has partnered with a real estate platform that just landed $3 million in financing.
May 10, 2024
Overall loan portfolios at U.S. credit unions edged lower on a month-over-month basis. But the institutions added nearly $4 billion in home-equity holdings, while $27 billion was added on a year-over-year basis. Average interest rates on home-secured credit lines have plunged 340 basis points over the past year.
May 9, 2024
Upstart Holdings Inc. more than doubled its quarterly originations of home-equity lines of credit, while the fintech cut its quarterly losses in half.
May 9, 2024
Even though tappable equity ascended to an all-time high during the first three months of this year, the share of borrowers who have substantial equity in their residential properties moved lower.
May 8, 2024
While lending standards on revolving home-equity loans were more restrictive at smaller banks over the past three months, large banks had no such tightening. Smaller institutions led a decline in product demand.
Close to $445 million in closed-end second liens that are being securitized next week by Rocket Mortgage LLC have a weighted-average coupon that is 73 basis points lower than this year's WAC for all CES transactions. Loans in the deal would likely qualify for the proposed government-sponsored enterprise CES product.
HomePace has been acquired in a transaction that is expected to expand product reach for the home-equity investment provider while enhancing the new parent's financing platform, which targets underserved homeowners.
An upcoming issuance of closed-end second liens has an average loan amount that is more than double the typical CES size. A majority of the loans are secured by Golden State properties.
May 13, 2024
By RALPH ARMENTA What is the fastest-growing segment in the mortgage industry today? Keep reading and I think you will agree that the following will help you reach the same conclusion I did.
May 9, 2024
An upcoming nonprime securitization that is mostly composed of first mortgages has more than $27 million in closed-end second mortgages. It's the third piggyback deal this year.
May 8, 2024
A key factor in the success of a proposed closed-end second mortgage product at Freddie Mac is pricing, according to a new report. Among the possible benefits are greater efficiency, standardization and transparency in the CES market. But the program could also leave the non-agency market with a higher concentration...
May 6, 2024
Homeowners on the West Coast are particularly good prospects for home-equity junior-lien products because of exceptionally high equity positions and interest rates on their existing first mortgages that are lower than the national average.
May 6, 2024
By STEVE RAPPORORT Industry leaders last week endorsed home-equity investments, which have been performing well, as the next big thing for cash-strapped homeowners. But the growing market could be tempered as the industry eventually adapts to potential regulatory challenges.
The HELN Newsletter
May 13, 2024
By RALPH ARMENTA What is the fastest-growing segment in the mortgage industry today? Keep reading and I think you will agree that the following will help you reach the same conclusion I did.