April 29, 2024
Banks have modestly bumped up the yields on their home-equity portfolios by 107 basis points during the past year. Leading the increase was Fifth Third Bank, N.A., which maintained its position as the bank with the highest home-equity yield for the third consecutive quarter. At the other end of the...
April 26, 2024
A significant expansion from a year earlier in open-end home-equity holdings at smaller commercial banks was more than enough to offset an equally significant decline at larger financial institutions -- pushing overall bank portfolios higher.
April 25, 2024
Closed-end second mortgage lending at PennyMac Financial Services Inc. saw a nice year-over-year improvement as the lender began buying second-lien third-party originations, though business slumped on a quarter-over-quarter basis. Earnings swung to a profit.
April 25, 2024
California's fourth biggest home lender among credit unions is adopting a new loan origination system for its open-end and closed-end home-equity lending as well as its traditional first mortgage business.
April 24, 2024
In the first-three months of 2024, banks that are major home-equity lenders reduced their collective home-equity portfolios by $1.5 billion compared to a year earlier. Leading the pullback was KeyBank. Citizens Bank, however, continued its robust growth.
Nearly half of the closed-end junior liens being securitized in a deal next month were originated by PennyMac Loan Services LLC, while more than a fifth of the loans came from Nationstar Mortgage LLC. The average loan amount for the issuance is the second-lowest this year.
An issuance later this month that consists of a pool of home-equity lines of credit originated by Achieve Home Loans has the highest weighted-average coupon of any home-equity deal ever tracked by HELN.
KeyBank has cumulatively cut its home-equity holdings by 10% during the past four quarters. Its investment banking business, however, generated record activity.
April 23, 2024
Figure Technology Solutions Inc., which launched last month, has announced the appointment of SoFi Technologies Inc.'s former chief revenue officer as its own new chief executive officer.
April 23, 2024
A new white label offering for home-equity lines of credit is designed to address a critical gap for smaller lenders who find it challenging to profitably originate low-dollar loans. Home-equity investment products could be on the horizon for the platform.
April 23, 2024
A new closed-end second mortgage is available from Better Home & Finance Holding Co. Combined loan-to-value ratios of up to 90% are available on the new product.
April 23, 2024
A financial services organization based in North Texas has unveiled an expanded junior-lien down payment assistance program that utilizes shared appreciation.
April 22, 2024
Truist Bank continued to reduce its headcount, branch count, and investments in home-equity assets. The financial institution, however, saw net income improve by more than $6 billion on a linked-quarter basis.
The HELN Newsletter
April 7, 2024
With high interest rates and soaring home prices, a new trend in mortgage lending has emerged: the resurgence of Home Equity Lines of Credit (HELOCs). Rather than risk a higher interest rate by refinancing a current property or moving to a new one altogether, many homeowners are choosing to enhance their current living spaces or focus on paying down debts. This shift in homeowner priorities has led to a significant increase in HELOC interest, offering both homeowners and lending companies valuable opportunities.
February 26, 2024
By SUNDANCE BRENNAN Home-equity investments are gaining momentum and poised to increase market share in 2024 at an exponential rate. Key factors include several private securitizations, relatively high interest rates, and institutions seeing high returns. There is also a record...