Twice as many respondents in a recent survey are likely to have home equity loans by the end of the year as had them in 2003, indicating the rising popularity of such loans, according to LendingTree Inc., Charlotte, N.C.The company said its first Survey on Consumer Trends in Home Equity Lending found that a projected 23.5% of respondents will have obtained a home equity loan by the end of 2004, compared with 11.7% who did so last year and 6.7% in 2002. "It's clear that homeowners are becoming more sophisticated about tapping into their home's borrowing power," said Brian Regan, LendingTree's chief consumer officer. The survey also found that the popularity of home equity lines of credit has increased "dramatically" over the past 10 years. In the first four months of 2004, 68.3% of homeowners chose a HELOC over a home equity loan, compared with 37.5% in 1999 and 23.1% in 1994, LendingTree reported.
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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.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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