Home Equity Lending News

CES and HELOC servicer ratings for?LoanCare?have been affirmed by Fitch Ratings as the company continues to broaden its offerings. A reduction was reported in LoanCare’s total servicing portfolio. (subscription) https://lnkd.in/gMdRt7dv

Aggregate loan portfolios at domestic credit unions have risen by less than 3% during the past year, America's Credit Unions reported. But the depositories’ combined HELOC and CES holdings have ballooned by more than 18% during the same period. Still, home-equity assets dipped on a month-over-month basis. https://lnkd.in/gfAKAufU

Former Federal Housing Finance Agency Director Mark Calabria was quoted in a prior story by Michele Lerner about Freddie Mac's CES pilot as saying, “If a Trump administration is inaugurated, I would expect them to press pause on all existing pilot programs and then prioritize which ones to review.” But the Competitive Enterprise Institute's John Berlau noted, "There are no guarantees, though, that a Trump administration would cancel the program because there’s division within the Republican party between free market conservatives and populists." Former Fannie Mae executive Tim Rood said, “While this isn’t a huge part of Freddie Mac’s budget, the juice may still be worth the squeeze.” (subscription) https://lnkd.in/guGpEV_c

A CES RMBS being rated by Fitch Ratings contains loans originated by Newrez LLC, PENNYMAC and AmeriSave Mortgage Corporation, among other lenders. A quarter of the loans are secured by California properties, and most are full documentation.?(subscription) https://lnkd.in/gB8bHsJY

Reverse mortgages backed mostly by Golden State properties and originated by Finance of America have been securitized. A few of the loans that have defaulted, are in foreclosure, or in bankruptcy. Morningstar DBRS rated the transaction. https://lnkd.in/gkyuhJfN

Quarterly HELOC lending climbed to the highest level since 2022, and full-year production is on track to exceed 2023, according to ATTOM. Fresno, California, experienced the most growth. https://lnkd.in/gkRECQEM

Vikram Gupta, who previously led home-equity lending at PNC -- the biggest U.S. HELOC lender -- has joined the board of Home Equity Lending News as an executive director. Our CEO, Sam Garcia, said in an announcement, “I’m excited to have such a seasoned senior home-equity executive like Vik join our board at a time when recent rate movements have made?junior lien lending a more valuable option for a wider share of originators and homeowners.” https://lnkd.in/gHGr8QGj

Financial services providers have shifted their marketing budgets from traditional analog advertising to digital and data-driven resources, a report from TransUnion said. Union Credit is helping credit unions find customers with a platform that delivers firm, pre-approved offers. OneMain Financial is building goodwill by offering advise about tax deductibility on open-end real estate loans used for home improvements. https://lnkd.in/gKcRxuwM

A nearly defunct home-improvement financing program from the Federal Housing Administration and HUD Office of Housing is being streamlined by the U.S. Department of Housing and Urban Development in an effort to encourage more mortgagee utilization of the program and align with industry-wide technology. https://lnkd.in/dKsewhkk

With overall loan growth slowing to a trickle, credit unions are increasingly looking to junior-lien mortgage assets for expansion, a report from S&P Global indicated. Some are even acquiring other depositories. But ICBA's Rebeca Romero Rainey warns, "With this year’s record number of transactions continuing to grow, it is no surprise that policymakers and the public are increasingly scrutinizing antiquated credit union policies and practices." (subscription) https://lnkd.in/gFjg6ETK