Some Credit Scores Rise After Changes to Reporting
Changes to the reporting of public records on credit bureaus last year have begun to yield improvements to credit scores for some consumers. Even some subprime consumers moved into prime territory.
IRS Clarifies Home Equity Interest Deductibility
A clarification has been issued by the Internal Revenue Service about the deductibility of interest that is paid on home-equity and junior-lien products.
Residential Lending Demand Weakens at Banks
Demand for residential loans at the nation's banks, including home-equity lines of credit, has weakened over the past three months. Meanwhile, credit standards on most residential products were mostly unchanged.
Tax Law to Impact Home-Equity Products
While home-equity loans and home-equity lines of credit can have lower rates than personal loans, the new tax law could lessen the benefit for some borrowers.
2nd Mtg Delinquency Soars, 1st Mtg Rate Steady
The rate of serious delinquency on first mortgages inched higher but has remained stable for two years. The second-mortgage rate, however, has exploded over the past year.
Home Equity Business Grows at CA Credit Unions
Despite a tumble in first-mortgage production at California's credit unions, outstandings grew. Home-equity production and outstandings, however, jumped.
Subprime Share Up as Mortgage Originations Fall
Although the volume of mortgages closed has fallen, the share that are considered subprime has inched higher. Home-equity originations have strengthened.
Bank HEL Delinquency Moves Lower
While the quarterly rate of late payments on bank-owned home-equity loans moved lower, the performance of other housing-related assets has worsened.
Wholesale Lenders Promote Non-QM, Alt-A Programs
Several wholesale mortgage lenders are now offering Non-QM programs. Other recently announced offerings include Alt-A, jumbo and nonprime programs.
Serious 2nd Mortgage Delinquency Soars
A modest improvement was reported for the rate of serious delinquency on first mortgages. But the rate took an ugly turn on second mortgages.