April 25, 2024
Closed-end second mortgage lending at PennyMac Financial Services Inc. saw a nice year-over-year improvement as the lender began buying second-lien third-party originations, though business slumped on a quarter-over-quarter basis. Earnings swung to a profit.
April 25, 2024
California's fourth biggest home lender among credit unions is adopting a new loan origination system for its open-end and closed-end home-equity lending as well as its traditional first mortgage business.
April 24, 2024
In the first-three months of 2024, banks that are major home-equity lenders reduced their collective home-equity portfolios by $1.5 billion compared to a year earlier. Leading the pullback was KeyBank. Citizens Bank, however, continued its robust growth.
April 24, 2024
The company that claims to be "Denver's top mortgage lender" has reported "a significant increase in applications" for home-equity lines of credit.
April 23, 2024
Figure Technology Solutions Inc., which launched last month, has announced the appointment of SoFi Technologies Inc.'s former chief revenue officer as its own new chief executive officer.
An issuance later this month that consists of a pool of home-equity lines of credit originated by Achieve Home Loans has the highest weighted-average coupon of any home-equity deal ever tracked by HELN.
KeyBank has cumulatively cut its home-equity holdings by 10% during the past four quarters. Its investment banking business, however, generated record activity.
By SAM GARCIA Freddie Mac is asking its regulator to allow it to begin purchasing closed-end second mortgages -- a move that it says will benefit borrowers and capital markets. While adding CES products could bring much-needed long-term liquidity to the home-equity capital markets, the primary trade association for mortgage-backed security stakeholders said the proposal represents "an unnecessary government encroachment."
April 23, 2024
A new white label offering for home-equity lines of credit is designed to address a critical gap for smaller lenders who find it challenging to profitably originate low-dollar loans. Home-equity investment products could be on the horizon for the platform.
April 23, 2024
A financial services organization based in North Texas has unveiled an expanded junior-lien down payment assistance program that utilizes shared appreciation.
April 22, 2024
Truist Bank continued to reduce its headcount, branch count, and investments in home-equity assets. The financial institution, however, saw net income improve by more than $6 billion on a linked-quarter basis.
April 22, 2024
A rating has been assigned to Mr. Cooper for servicing closed-end second mortgages. Less than 1% of its current total servicing portfolio -- which is the largest in the country -- is CES loans.
April 22, 2024
While there was little change in the size of the home-equity portfolio at Fifth Third Bank, N.A., during the past year, the yield on the portfolio has soared 182 basis points, and delinquency has dropped 14 BPS.
The HELN Newsletter
April 7, 2024
With high interest rates and soaring home prices, a new trend in mortgage lending has emerged: the resurgence of Home Equity Lines of Credit (HELOCs). Rather than risk a higher interest rate by refinancing a current property or moving to a new one altogether, many homeowners are choosing to enhance their current living spaces or focus on paying down debts. This shift in homeowner priorities has led to a significant increase in HELOC interest, offering both homeowners and lending companies valuable opportunities.
February 26, 2024
By SUNDANCE BRENNAN Home-equity investments are gaining momentum and poised to increase market share in 2024 at an exponential rate. Key factors include several private securitizations, relatively high interest rates, and institutions seeing high returns. There is also a record...