Home equity loan delinquencies increased to 2.82% in the third quarter of last year, up from 2.50% three months earlier, according to the American Bankers Association.While overdue payments rose on closed-end home equity loans held by banks, the delinquency rate for home equity lines of credit remained unchanged at 0.38%, according to the ABA's quarterly consumer delinquency bulletin. "Moreover, with mortgage refinancings hitting a four-year low, consumers' ability to consolidate debt at lower interest rates and take advantage of equity appreciation in their homes was severely limited," he said. The ABA can be found on the Web at http://www.aba.com.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
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The tool will provide helpful HELOC-related information to customer support staff to streamline the application process, Figure said Thursday.
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The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
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