BofA CEO Visits HEL Hub
The chief executive officer of Bank of America Corp. recently stopped in to pay a visit to a fast-growing office that handles home-equity lending.
Younger Borrowers Have Lowest Mortgage Delinquency
Quarterly mortgage delinquency continued to improve, with loans to the youngest segment of the population performing the best.
Serious Mortgage Delinquency Declines
The serious delinquency rate on first mortgages and junior liens moved lower last month and was also improved from a year earlier. Consumer delinquency plunged in Los Angeles.
HELOC Default Threat Heightened in California
A wave of defaults forecasted in the next few years on home-equity lines of credit are expected to hit California especially hard.
Jumbo, Nontraditional Lending Take Biggest QM Hit
Some banks have seen lower approval rates for conforming borrowers as a result of Qualified Mortgage and Ability-to-Repay requirements. Jumbo and nontraditional borrowers fared far worse.
Wholesale Lender Offering Alt-QM Program
A new program accommodates higher debt-to-income ratios, self-employed borrowers and jumbo investor loans -- among other things.
BofA Hit With Huge Penalty Over Countrywide Program
A federal judge has ruled that units of Bank of America Corp. will have to pay a penalty of more than $1 billion for utilizing a program that sacrificed loan quality for loan quantity.
1st Mortgage Lates Down, No Improvement on 2nds
Although the rate of serious delinquency on first mortgages continued to recede, there was no improvement on second-mortgage performance.
HEL Delinquency Deteriorates
Late payments on home-equity loans worsened on a quarter-over-quarter basis but improved from a year earlier. Loan performance on home-equity lines was better but will be stressed in the coming quarters.
HELOC Lates Down, But Expiring Draw Periods a Concern
One-month delinquency on credit lines secured by residential properties has shown improvement, while originations are climbing. But there is concern about upcoming expiring draw periods.