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Home Equity Credit Update 2007: Both Sides of Declining Home Equity Loan Applications

Will the home equity market see a decline in second mortgage origination in 2007? According to Home Equity Wire affiliates, the industry believes the recent drop in home equity loan applications is more of a credit issue than a result of consumer demand. John Allen, a spokesman for Smart Home Equity commented: “Banks have recently tightened their guidelines for second mortgages in the subprime market. Allen continued, “We’ve noticed that application volumes have gone up. But just as loan approvals have gone down, so have loan denial notifications for applicants because their credit scores mostly in the subprime sector.

In a recent survey conducted by Home Equity Wire, second mortgage originators surveyed in 2006 are expected to originate nearly $375 billion in home equity loans in 2007, which would represent a 15% decline from the approximately $439.6 billion dollars in seconds they created in 2006. Home Equity Wire previously noted a decline in second mortgage volume throughout 2006 after a robust increase in volume in the first half of the year, with stable results in the 2nd quarter of 2006. However, they reported a drop in the data for the third quarter of 2006 and the fourth quarter of 2006 compared to the periods of the previous year.

Many originator mortgage lenders have significantly tightened their lending guidelines for closed-end equity loans and home equity revolving lines of credit. As lenders try to reduce non-performing loans by increasing minimum credit score requirements for second mortgages. Unfortunately, this rules out many potential borrowers who are looking for a home equity loan to consolidate debt and save money. Ken Carter, executive vice president of National City Home Equity, doesn’t necessarily believe the real estate market is in decline. “The market continues to be alive and well. Last year was an interesting year for the mortgage industry and the MBA continues to talk about normalization,” he said.

National City believes this could have an impact on the second mortgage market. “A lot of borrowers take closed seconds that don’t require mortgage insurance, so I don’t know if a change in that will have an impact,” Mr Bailey said. “Borrowers can build equity much faster with a home equity loan than they would with mortgage insurance. PMI being tax deductible

has some advantages, but monthly payments are lower with 80-20 piggy-back than with PMI. Also, the tax deduction only applies to household income of $110,000 or less. It is more advantageous for our customers to be grafted than to PMI. We consider this to have minimal impact on our mortgage business,” Carter said.

2007 will be an interesting year that could help insiders get closer to offering more accurate forecasts for the recovery in home sales. Who knows…? This could be the year that home equity loan interest rates stimulate home building and help keep our economy growing steadily.

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