GMAC-Residential Funding Corp., Minneapolis, unveiled its new first-lien home equity line of credit product Oct. 25 at the Mortgage Bankers Association's 91st Annual Convention & Expo in San Francisco.In an interview, Danny Hellams, senior vice president and managing director, said the new product is aimed at "aging baby boomers." This group of consumers will be looking for a way to use the equity they have accumulated in their homes in a liquid fashion, he said. It has a minimum FICO score of 660, with loan-to-value ratios of 95% when used as a purchase loan or a rate-and-term refinance, or 85% for cash-out refis. Access can be through cash, card, or electronic funds transfer. Mr. Hellams said RFC has been getting requests from its clients to use the product, often seen in second-lien loans, as a first-lien product. The term of the loan is 25 years, with a 10-year draw period and a 15-year amortized repayment period. The product will be on the market in December, he said.
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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.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28