The delinquency rate on home equity loans held by banks declined sharply in the first quarter, according to the American Bankers Association.Home equity loan delinquencies declined to 2.37% from 2.50% in the last quarter of 2003, according to the ABA's consumer credit delinquency bulletin. Past-due payments on home equity lines of credit also fell to 0.29% from 0.43%, remaining the lowest delinquency rate among the consumer credit categories tracked by the ABA. One weak spot was manufactured housing loans, where the delinquency rate increased to 5.93% from 5.56%. The ABA also reported that credit card late payments declined.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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