Mortgage Debt Exceeds $8 Trillion
With interest rates rising - which reduces "runoff" rates - it appears that residential servicers are finally seeing some traction on their balances. According to survey figures compiled by National Mortgage News, some firms experienced modest portfolio gains in the third quarter.
Countrywide Home Loans, Calabasas, Calif., the nation's largest overall servicer, saw its mortgage receivables increase by 33% at Sept. 30 to $1.04 trillion. (The comparison is to the same period last year.) Other large firms reporting handsome third-quarter increases include GMAC Mortgage, Horsham, Pa. (up 27%); GreenPoint Mortgage Funding, Novato, Calif. (up 28%); and Midland Mortgage, Oklahoma City (up 14%).
Among firms reporting to MSN thus far, HomeBanc Mortgage, Atlanta, has the strongest increase - growing its servicing portfolio by 113% to $5.5 billion.
According to preliminary estimates made by this newspaper, consumers now owe more than $8.1 trillion on their homes.
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