The delinquency rate on home equity loans held by banks rose 13 basis points to 1.92% in the fourth quarter of last year, according to the American Bankers Association.However, delinquencies on other types of property secured consumer loans declined, according to the ABA. The delinquency rate on home equity lines of credit was steady at 0.57%, the lowest rate posted on any consumer credit category in the ABA survey. The mobile home delinquency rate improved to 2.82%, down from 3.24% in the third quarter. And the delinquency rate on property improvement loans fell to 1.29% in the fourth quarter, down from 1.68% in the third. James Chessen, the ABA's chief economist, said the rise in home equity delinquencies was not a surprise "given the weaknesses in the housing market."
-
The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
8h 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