twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
Origination News | Lender Ranking | Fundings by Lender | Statistics
Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.


HEL, HELOC Lending Lags 1st Mortgage Growth

2015 1st mortgage originations up 43%

April 5, 2016

By Mortgage Daily staff



Residential lending moved significantly higher last year, though not so much for home-equity lending -- especially on new credit lines.

During all 12 months of last year, mortgage firm's originated $1.82 trillion in first mortgages. That worked out to 7.71 million loans.

Business climbed from 2014, with prior-year first-mortgage production coming in at roughly 5.86 million loans closed for $1.27 trillion.

The statistics were included in the March 2016 Equifax National Consumer Credit Trends Report. The report reflects statistics culled from a database of more than 220 million consumers.

Equifax Chief Economist Amy Crews Cutts noted in the report that growth in originations came from both refinances and purchase financing.

"While low interest rates are helping, continued gains in employment and consumer confidence are key," Crews Cutts said. "What we are not seeing is any meaningful loosening of underwriting, at least with respect to credit scores."

Subprime borrowers, those whose Equifax Risk Scores were 620 or less, accounted for 366,900 of first mortgages originated for $59.7 billion during 2015.

Subprime production improved from 2014, when approximately 293,051 first mortgages were closed for around $42.3 billion.

The median credit score on overall first-mortgage production was 750 in 2015, while 90 percent of borrowers had a score that exceeded 646. There has been little change in credit scores over the past three years.

Home-equity loan originations totaled 791,900 units for $26.5 billion last year. The number of HELs closed was the most in more than seven years.

HEL activity ascended from roughly 625,020 loans for around $21.9 billion in 2014. The increase from 2014 to 2015 was the greatest since 2008.

Subprime HEL volume was more than 83,000 loans for $1.73 billion, expanding from about 63,262 loans closed for $1.62 billion during 2014.

Equifax reported that nearly 1.39 million home-equity lines of credit were opened in 2015 for $146.1 billion in total new lines.

HELOC production strengthened from the previous year, when volume approximated 1.24 million units for $122.1 billion.

Lenders granted $0.7452 billion in new HELOC lines to 20,100 subprime borrowers last year, an increase over 2014, when approximately 17,448 HELOCs were opened for in the neighborhood of $0.6868 billion.

Subprime HELOC production in 2015 was higher than it's been during any year since 2008 -- when 35,660 lines were opened for $1.78 billion.

next story

back to current headlines


Nonprime and Subprime News | Subprime Statistics
Stories about non-QM products. Coverage of subprime, Alt-A and
hard money lending. Home-equity loans and home-equity lines of credit.


Logout forgot
password?

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders