Home equity lending is still growing at a pretty fast clip, but it has slowed considerably over the past six months, according to the Federal Deposit Insurance Corp.An FDIC earnings report shows that commercial banks and thrifts held $533.8 billion in home equity lines of credit on their books at the end of the second quarter -- a 5.1% increase from the level recorded in the first quarter. In 2004, HELOC borrowings grew at a 41.8% annual rate, raising regulatory concerns and warnings that lenders should tighten underwriting and risk management practices. By the end of the first quarter of 2005, HELOC borrowings slowed to a 34.9% annual growth rate. Now the second-quarter report shows it has declined to an annual growth rate of 28.4%.
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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.
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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.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
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The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
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While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.
April 23