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Tag Archives: First-Lien Mortgages

Tight Credit Standards Create Up to 1.22M in ‘Lost’ Loans

Tight credit conditions have pushed as many as 1.22 million loans out of the market per year over the last few years, researchers at the Urban Institute (UI) assert in a new commentary. Admitting that their calculation method “likely ... [overstates] the impact of tighter credit,” they also calculated a scaled lower bound estimate of 273,000 “missing” first-lien purchase loans—though they maintain the "true" number is likely on the higher end.

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Former First Franklin CEO to Lead WDB Funding

WDB Funding, LLC, announced the appointment of Andrew Pollock as the firm's president and CEO. Pollock brings 25 years' experience heading large-scale lending operations to his new role, where he is responsible for providing day-to-day leadership, managing operations, and executing the strategic direction of the company.

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Household Net Worth Growth Slows in Second Quarter

Fed

Household net worth improved $1.3 trillion in the second quarter--half as fast as the first quarter--as real estate values grew $626.7 billion, the Federal Reserve reported Wednesday in its quarterly Flow of Funds report. But, with a drop in mortgage debt--including home equity loans and lines of credit--from $9.39 trillion in the first quarter to $9.34 billion in the second--homeowner equity grew to 49.8 percent in the second quarter from 48.1 percent in the first.

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Home Equity Jumps 2.5 Percentage Points in Q1

Household net worth jumped by $3 trillion in the first quarter as real estate values grew $836 billion, the Federal Reserve reported Thursday in its quarterly Flow of Funds report. With a drop in mortgage debt, owners' equity in real estate increased a sharp 2.5 percentage points to its highest level since 2007. Owners' equity as a percentage of real estate value has been on a steady upward trajectory since dropping to 36.3 percent in the first quarter of 2009.

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Credit Availability Ticks Up for Mortgages: Survey

The popularity of FHA mortgages is slowing down, while the use of mortgage financing is growing overall, according to the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. FHA-backed transactions made a slight increase in August to 25.9 percent from 25.5 percent in July. The percentage is down from January, when FHA transactions accounted for 27.3 percent of all home purchase transactions. Overall, mortgages were used to finance 68.9 percent of home purchase transactions in August, an increase from 67.5 percent in July.

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