Winners in a Bad Year
Massachusetts banks, credit unions and mortgage companies all took major hits in residential lending, but there were a few brights spots that helped some lenders come out on top.
Few Boston-Area Homes Sold at a Loss Over the Summer
New data shows that a tiny proportion of Boston-area homes are selling for less than their owners paid thanks to a supply of homes for sale that’s shrunk much faster than demand as interest rates rose over the last 18 months.
More Homeowners Tap Equity Juiced by Soaring Prices
Homeowners are increasingly tapping their equity, taking advantage of big gains following years of soaring housing prices.
Researchers: Pace of Remodeling Spend Growth Expected to Nosedive
Expect the growth of homeowners’ spending on remodeling to slow significantly over the next six months, housing researchers say, as economic uncertainty slows and a pandemic-induced sugar high wears off.
Non-Bank Lenders Move into HELOC Space
While banks and credit unions have long dominated the market for home equity lines of credit, Massachusetts has seen other lenders – both familiar and new – make headway in the second mortgage market amid rapid changes to the industry.
HELOCs Step into the Gap
More homeowners – and lenders – are turning to home equity loans and lines of credit in the face of historic levels of tappable equity and rising mortgage rates that make cash-out refinances unattractive.
Take Equity Without Refinancing
With loan costs rising to their highest levels in more than two years, time may have run out on many homeowners thinking about refinancing. But could they turn to HELOCs to pay for things like renovations, instead?
Consumer Lending Satisfaction Hinges on Trust, Ease of Access, J.D. Power Finds
A perfect storm of record-high levels of unemployment, record low interest rates and increased reliance on digital interactions is putting consumer lenders to the test like never before.
Pandemic Puts FHA Lending in Flux
With lower down payment and credit requirements compared to other mortgages, FHA loans have been a key resource for first-time homebuyers. But during the economic crisis caused by the coronavirus pandemic, investors have raised their criteria for purchasing these loans.
Competitors Apply Pressure to FHA and VA Loan Origination
While many financial institutions have seen success originating loans guaranteed by the U.S. Department of Veteran Affairs and Federal Housing Administration, the products face competition and challenges from rising home values and similar products created by other entities.
More Americans Choosing Not to Tap into Their Home Equity
American homeowners are doing something surprising: Despite record amounts of home equity available to them – an estimated $1.5 trillion – they are tapping into it less via home-equity credit lines and cash-out refinancings.
HMDA Changes Leave Small Credit Unions With Whiplash
Changes to reporting requirements under the Home Mortgage Disclosure Act have given small credit unions a bumpy ride in 2018, leaving them to contemplate changing their internal processes, systems and product offerings.
Taxpayers Get Good News on HELOCs
It’s official: Despite widespread fears to the contrary, the IRS has clarified that last year’s big tax bill did not kill all interest deductions on home equity lines of credit and equity loans.
HELOCs Will Survive Despite New Tax Law
It’s a big and confusing question for many homeowners in the wake of the December tax law changes: Are new interest-deductible home equity credit lines (HELOCs) and second mortgages now totally out of reach going forward?
A New Way To Estimate Your Home Equity
Do we really need another Zillow Zestimate-style online gizmo to tell us what a computer model says our homes are worth?
