Home equity lending increased for the first time last year but overall mortgage originations in January were the lowest since November 2008, according to a monthly analysis of loan-level data from tech vendor Black Knight Financial Services.

Originations declined almost 60% from a year earlier in January, Black Knight said Tuesday. In addition, Home Affordable Refinancing Program volume, based on the most recent Federal Housing Finance Agency data, dropped 70% over the same period, to 700,000 loans. Prepayment speeds show "further drops in refinance-related originations," said Herb Blecher, senior vice president of Black Knight Financial Services' data and analytics division, in a press release.

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