The amount of home-equity loans held by depository institutions continued to decline in early 2013, with little sign that banks, thrifts and credit unions are likely to ramp up their lending in the near future, according to a new Inside Mortgage Finance analysis and ranking. Banks, thrifts and credit unions held some $706.95 billion of home-equity lines of credit and closed-end second mortgages on their books as of the end of March, down 2.8 percent from the previous quarter. Including their $474.09 billion in unused HELOC commitments, depository institutions reported a total home-equity business portfolio of $1.181 trillion, down 7.8 percent from the first quarter of 2012. The unpaid balance of closed-end seconds was...[Includes three data charts]
When the going gets tough in the mortgage lending business, the tough starting laying off loan officers, underwriters, processors, and any others whose jobs are tied to the origination function. As Inside Mortgage Finance went to press this week, there were growing fears in the industry that declining applications – driven by a weakening market for refinancings – were finally taking their toll with several firms contemplating cutting production staff or already handing out pink slips. Industry executives said...
Speaking at a trade show gathering, the ABA's Chris Lewis urged bankers to educate upper management as well as front-line loan officers about the finer nuances of the Consumer Financial Protection Bureau’s ATR rule.
Bank of America recorded $10.45 billion of mortgage repurchases and indemnifications during the first quarter of 2013, according to a new Inside Mortgage Trends analysis of recently released call report data.
Five different nonbank lenders were asked by Inside Mortgage Finance to name the slowest states in terms of approval times. All cited New York as being among the worst.
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