Lower Lending Limits on New HELOCs
During the real estate boom, lenders would regularly set HELOC caps above the home’s current value. Now, they’re reconsidering. MSNBC reports: “Lenders periodically conduct “portfolio reviews” to...
View ArticleFannie Mae Issues New HELOC Rules
Fannie Mae (the largest national provider of home loan funds) recently issued new rules that will affect many HELOC customers. The Boston Globe reports: “Fannie Mae will no longer allow homeowners to...
View ArticleFederal Reserve: Tighter Lending Standards for HELOCs
According to a Federal Reserve report released earlier today, most HELOC lenders have tightened their standards for new borrowers and / or changed terms for existing borrowers. A vast majority of...
View ArticleUsing Mortgage Brokers to Secure Difficult HELOC Loans
Now that HELOC lending standards have become tighter, prospective borrowers may want to consider working with a mortgage broker. Mortgage brokers can’t change the standards set by banks. But, they can...
View ArticleOCC Chief Urges Stricter HELOC Underwriting
This week, Comptroller of the Currency John C. Dugan urged banks to consider tougher underwriting standards on home equity lines of credit (HELOCs). In his speech, he suggested that banks should cut...
View ArticleCurrent Deals on HELOCs – Great if You Can Qualify
Lending standards have tightened. But, if you still qualify to take out a HELOC, you may be able to snag a super deal. Since HELOC rates are tied to the federal funds rate, you’re likely to have a very...
View ArticleHELOC Loan-to-Value Ratio Requirements Get Tough
During the housing boom, HELOC lenders regularly offered home equity lines of credit at 90% or even 95% of the borrower’s home value. As home values declined, these loans became increasingly risky for...
View Article65% Find it Harder to Take Out a Home Equity Line of Credit
A recent survey reports that 65% of applicants find it more difficult to take out a home equity line of credit this year. Deloitte reports: “According to those who have attempted to secure several...
View ArticleNew Program Detects HELOC Application Fraud
A new program is being advertised to help lenders detect potential fraud in home equity lines of credit / loans. A press release for the FraudMark software claims that it can identify up to 60% of...
View ArticleHuge Drop in J.P. Morgan HELOC Originations
Don’t plan on taking out a home equity line of credit from J.P. Morgan anytime soon. According to MarketWatch, their HELOC originations dropped a whopping 77% when compared to last year: “Home equity...
View Article
More Pages to Explore .....