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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...

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Fannie 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...

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Federal 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...

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Using 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...

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OCC 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...

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Current 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...

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HELOC 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...

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65% 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...

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New 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...

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Huge 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...

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