Tag Archives: Home Equity Lines of Credit

A new mortgage report from ATTOM revealed U.S. lenders issued approximately $494 billion worth of residential mortgages in Q2 of 2023, while total activity rose after eight straight quarterly declines to 21%.

Rutger van Faassen, VP of Lending at Nomis Solutions, offers insight for lenders on how to make the most of opportunities for growth that lie in home equity portfolios.

A survey showed that a large number of borrowers with HELOCs near the end of draw period are unprepared.

More HELOC borrowers are making payments on time, but lenders should still proceed with caution, according to a recent white paper.

Banks across the U.S. are making a valiant marketing effort to encourage homeowners to take cash out on their homes, an unusual move not seen since the housing bust.

Rising property values are making more homeowners more optimistic about renovating their homes, and Millennial homeowners in particular favor using HELOCs to help them finance their designs, a new study by TD Bank showed.

Mortgage originations have seen tremendous growth this year, according to Equifax's National Consumer Credit Trends Report. The report found that mortgage origination balances reached $466 billion in the first quarter, a 74.4 percent increase from the same time a year ago. First mortgages increased 79.9 percent compared to the first quarter of 2014 to $430 billion, leading this growth spurt. Meanwhile, originations of home equity lines of credit (HELOCs) increased 30 percent to $30.9 billion and new home equity installment loans climbed 13.6 percent to $5 billion.

Experian Information Solutions Inc., a global information services company, recently released its latest analysis on U.S. lending trends related to home-equity lines of credit (HELOC). The study found that HELOC loans that originated between 2005 and 2008, representing $265 billion, are outstanding and are nearing the end-of-draw repayment phase.

The Federal Reserve Bank of New York (New York Fed) released their Household Debt and Credit Report this week that showed household debt balances including, mortgages, credit cards, auto loans, and student loans were “largely flat for Q1 2015.”

In raw dollars and cents, take this example from Bankrate: A $30,000 balance at 3.25 percent interest (the current prime rate) equals a minimum payment of $81.25. But after the 10-year mark, that balance resets to a 20-year repayment schedule and the minimum due each month bloats to $170.16.