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HELOC Risk on the Rise

Home Money/Credit: Comstock

Nearly 16 million U.S. consumers held approximately $474 billion in balances on home equity lines of credit (HELOCs) as of December 2013, according to a new study by TransUnion. The TransUnion study indicated that approximately $50 billion to $79 billion of those HELOC balances could be at elevated risk of default in the next few years. The study also demonstrated how several metrics could be effective at identifying pockets of risk among those borrowers and anticipating when that risk will arise.Click to continue

Can Any Profit Be Made in Today’s Mortgage Marketplace?

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The latest mortgage data is not much different from data released in recent weeks, and this raises a thorny question: How is it possible for mortgage professionals to generate profits in such an inert climate? The answer, according to industry leaders, is an old-fashioned combination of focus and planning.Click to continue

HSH.com: Rates Rise Slightly for the Week

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Rates on the most popular types of mortgages rose slightly, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages rose by six basis points (0.06 percent) to 4.24 percent. Conforming 5/1 Hybrid ARM rates increased by two basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.18 percent.Click to continue

Zillow Reports Fixed-Rates Remain Steady for the Week

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The 30-year fixed mortgage rate on Zillow Mortgages is currently 4.03 percent, down one basis point from this time last week. The 30-year fixed mortgage rate spiked early last week, peaking at 4.23 percent on Thursday before easing back down to the current rate on Friday.Click to continue

July Sees Rise in Mortgage Credit Availability

House Keys/Credit: Digital Vision

Mortgage credit availability increased in July according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) which analyzes data from the AllRegs Market Clarity product. 

The MCAI increased 0.5 percent from 115.8 in June to 116.4 in July. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of a loosening of credit. The index was benchmarked to 100 in March 2012. Click to continue

NAHB: Thousand Dollar Rise in Price Impacts Potential Homebuyers

House Atop Money/Credit: Creatas

Each $1,000 increase in the cost of a new median-priced home price forces 206,000 prospective buyers out of the marketplace, according to a new study by the National Association of Home Builders (NAHB). The number of households affected varies across states and metro areas and largely depends on their population, income distribution and new home prices.Click to continue

Regs Hike Up Closing Costs Nationwide

House and Money Scale

Mortgage closing costs rose six percent over the past year and now average $2,539 on a $200,000 loan, according to a study by Bankrate.com. Origination fees increased nine percent to $1,877 and third-party fees rose one percent to $662.Click to continue

Distressed Sales Contract in July

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Clear Capital has released its Home Data Index (HDI) Market Report with data through July 2014. Using a broad array of public and proprietary data sources, the HDI Market Report publishes the most granular home data and analysis earlier than nearly any other index provider in the industry.Click to continue

Texas Home Equity Loans

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Question: We are going to be offering home equity loans in Texas soon. What are the requirements and restrictions for making a home equity loan in Texas?

Answer ...
The law establishing limitations on home equity lending in Texas is governed by Article XVI, Section 50 of the Texas Constitution. A home equity loan is one of the enumerated permissible purposes for establishing a lien on a homestead. [Tex. Const. art. XVI, § 50 (a)(6)] Click to continue