Banks and thrifts are expecting to see a big jump in home equity lending this year, according a real estate lending survey by America's Community Bankers.The 11 annual real estate survey found that 56% of the 403 respondents expect loan volumes to decline in 2004 as refinancings slow, while 64% expect that consumers will turn to home equity loans. As interest rates rise, "people will use home equity loans to tap into the equity in their homes," ACB executive vice president Robert Davis said. The survey also shows that respondents divided their loan sales equally between Fannie Mae (33%) and Freddie Mac (32%). Conduits and wholesalers captured 22% of secondary-market sales, with the Federal Home Loan Banks netting a 7% share and Ginnie Mae 3%. Only 36% of the respondents expect to reduce their secondary-market sales in 2004. Mr. Davis said he expects the FHLBanks to increase their market share this year, as purchase mortgages dominate originations.
-
The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
11h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24