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Mortgage Brokers Services merges with Elliott Bay Mortgage

National Mortgage Professional
Nov 16, 2007

Percentage first-time homebuyers using sub-prime up in second half of 2006MortgagePress.comFirst-time homebuyers,sub-prime The percentage of sub-prime loans being used by first-time homebuyers increased from 12 percent to 15 percent in the second half of 2006, according to the recently released Mortgage Bankers Association's "Sub-Prime Mortgage Originations Survey." The percentage of sub-prime loans used for repeat and first-time home purchases increased from 46 percent to 47 percent. Key findings from the survey include (percentages are based on dollar volume of originated loans): • For the second half of 2006, 55 percent of sub-prime originations were for refinance purposes, unchanged from the first half of 2006. Among sub-prime refinances, 87 percent were for cash-out purposes, compared to 75 percent for the first half of 2006. However, in the first half of 2006, 12 percent of refinances were reported as "unknown" or "other purposes" and thus, the refinance for cash-out purposes in the first half of 2006 could very well be higher. • Based on loan count, 32 percent of sub-prime purchase loans were made to first-time homebuyers, up from 25 percent in the first half of 2006. • The average loan amount for sub-prime loans in the second half of 2006 was $202,295, only one percent higher than the average loan amount for sub-prime loans of $200,167 in the first half of 2006. • Nearly 72 percent of sub-prime originations came through the broker channel in the second half of 2006, an increase of three percent from the first half of 2006. • Adjustable-rate mortgage loans (including interest-only ARMs) comprised 75 percent of sub-prime originations in the second half of 2006, versus an ARM share of 67 percent of sub-prime originations in the first half of 2006. • Owner-occupied homes represented 93 percent of sub-prime originations in the second half of 2006, versus 92 percent in the first half of 2006. • The average loan amount for second mortgages during Q3 and Q4 of 2006 was $35,506, an increase from $33,555 in the first half of 2006. The increase in the average loan amount along with the rise in the number of second mortgage originations was driven largely by a sharp increase in closed-end loans. For more information, visit www.mortgagebankers.org.
Published
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