Source One Mortgage Services Corp., Farmington Hills, Mich., hopes to generate $15 million to $20 million a month in home equity and high-LTV lending for the rest of this year and next year, according to Steve Manasco, vice president for home equity at Source One.The company has placed a new emphasis on servicing niche markets such as home equity loans, home equity lines of credit, and loans with high loan-to-value ratios over the past year, he said. Mr. Manasco said home equity lending at Source One dates back to about 1994, but that there was not a heavy focus on it until more recently, when Source One created a division devoted to home equity lending.
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