Home Equity Loans
Browse articles from all of our Newsletters related to Home Equity Loans.
January 20, 2017 - Inside FHA/VA Lending
The Trump administration has officially set aside the 25 basis point cut in FHA annual premiums in a new mortgagee letter issued by the Department of Housing and Urban Development hours after Donald Trump was sworn in as the 45th president of the United States. Mortgagee Letter 2017-07 said that the annual-premium reduction HUD announced on Jan. 9 has been suspended indefinitely. Stakeholders will be notified in the event of a policy change, the letter added. The letter confirms reports earlier in the week that the FHA pricing adjustment was about to be spiked. Ben Carson, who had his confirmation hearing before the Senate Banking Committee last week, told lawmakers that he planned to work with the FHA director and financial experts to review the cut. However, the HUD secretary-designate gave no indication as to whether he favored a premium reduction that would benefit thousands of ...
January 6, 2017 - Inside FHA/VA Lending
Ginnie Mae guaranteed a total of $507.46 billion of single-family mortgage-backed securities in 2016, its biggest annual volume ever, according to a new analysis and ranking by Inside FHA/VA Lending. That was up 16.4 percent from the agencys previous record of $435.80 billion set in 2015. (Those figures include MBS backed by FHA home-equity conversion mortgages, which are not included in the table below or in the rankings on pages 3-5.) In 2016, Ginnie guaranteed $497.03 billion of MBS backed by traditional forward mortgages, also a record, which was up 16.9 percent from the previous year. The biggest factor in last years record-setting production was the boom in VA lending, particularly VA refinance loans. Issuers securitized a record $203.03 billion of VA loans last year, up 33.0 percent from the 2015 total. Some 54.3 percent of those loans were refinance transactions. Total VA refi loan ... [4 charts]
January 6, 2017 - Inside Nonconforming Markets
Spring EQ recently launched operations, focusing on home-equity loans. The nonbank was co-founded by Jerry Schiano, president and CEO of New Penn Financial, a position he will also retain. HEL lending is dominated by banks and credit unions. However, Schiano said Spring EQ aims to compete with other types of lenders. I want to help underserved borrowers who are currently relying on high-rate personal loans and credit cards or refinancing with large up-front fees, he said ...
January 5, 2017 - Inside Mortgage Finance
Ever since the nations financial crisis, commercial banks and other depositories have dominated the second-lien business and likely will continue to do so in the coming years, but that isnt stopping nonbanks from testing the waters once again. According to research by Inside Mortgage Finance, several nonbanks have slipped back into the market, albeit with muted production volumes. And many of the firms that have crept back in are partnering with depositories. The reason for the strategy is...
December 16, 2016 - Inside FHA/VA Lending
FHA reverse mortgage lenders capped the third quarter of 2016 with a 2.2 percent volume increase over the previous quarter, ending the first nine months with $11.0 billion in new Home Equity Conversion Mortgage loans. The year-over-year story, however, was different, as nine-month originations fell 10.5 percent from the same period last year. Purchase HECMs comprised the bulk of originations, 86.3 percent. Unlike in FY 2015, when the Mutual Mortgage Insurance Funds healthy HECM portfolio helped pushed the capital reserve ratio above the statutory 2.0 percent requirement, the portfolio appeared to be in bad shape in FY 2016. The fiscal 2016 actuarial audit of the MMIF projected a negative $7.7 billion economic value for the HECM program, dramatically down from last years estimated $6.8 billion. Auditors attributed the decline to adverse effects of incorporating deeper ... [Chart]
December 15, 2016 - Inside Mortgage Finance
Home-equity lending cooled off in the third quarter of 2016 as consumers took advantage of low interest rates to refinance rather than draw down more second-mortgage debt. Lenders originated an estimated $50.7 billion of home-equity loans during the third quarter, including home-equity lines of credit and closed-end second mortgages. Although that was down 5.2 percent from the second quarter, it still marked the second highest three-month volume since the housing market collapse in 2008. And depository institutions, the dominant lenders in the HEL market, reported...[Includes three data tables]
- GSE Seller Profile 4Q16
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