Home Equity Lines of Credit (HELOCs)
Home Equity Lines of Credit (HELOCs) are experiencing a resurgence due to both homeowners having trillions in tappable equity as well as many being locked into low-rate mortgages. Borrowers are seeking liquidity without refinancing. Banks and independent mortgage lenders are responding to this by expanding HELOC products, increasing limits, and embracing new technology and digitization. Current areas of focusing include securitizations gaining momentum, rising fraud threats, and intensifying competition is intensifying. HELOCs have re-emerged as a strategic growth lever for mortgage professionals.
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Homeowners are stepping up their renovation game this year, which could be good news for home improvement financing, but bad news for the overall housing market as consumers age in place.
March 6
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While student, auto and credit card balances are at or near record levels, housing debt is shrinking, credit quality is weakening a bit and lending standards, at least in some sectors, are tightening.
February 19
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Mortgage loan performance remained strong in November as serious delinquencies fell to their lowest reported level since before the housing bubble burst, according to CoreLogic.
February 12
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Ellie Mae's latest update to the Encompass loan origination system includes templates to help mortgage lenders with Americans with Disabilities Act compliance.
February 11
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Toronto-Dominion Bank is seeking to win back customers with home-equity loans — even as concerns grow over elevated consumer debt amid a slowing Canadian economy.
January 29
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Better Mortgage has launched a mortgage refinance program to help federal government employees affected by the shutdown utilize their home equity for living expenses.
January 18
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Bank of America's first-mortgage production dropped almost 26% year-over-year in the fourth quarter of 2018, but it experienced a less severe 10% decline in home equity lending during the same period.
January 16
The first three months of the year coincide with the start of President Donald Trump's second term in office. Investors are likely to be more interested in banks' outlooks amid swings in tariff policy than the first-quarter results.
