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Home equity loan vs. HELOC – What’s the difference?

Housing Wire

While mortgage rates are high and economic uncertainty looms, there is good news for borrowers who already have a mortgage and may be looking to tap into their equity. Home equity loans and home equity lines of credit (HELOCs) are both loan products that are secured by the equity on a borrower’s home.

Equity 533
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Newrez parent Rithm Capital posts 57% profit growth in 2024

Housing Wire

billion in consumer loans from Goldman Sachs while also closing a deal to purchase Sculptor Capital Management and its $33 billion in assets under management. In total, its funded loan volume jumped from $8.9 Its refinance recapture rate in 2024 when including closed-end second-lien loans was 52%, up from 41% two years earlier.

Loans 410
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Why equity-tapping challenges may make reverse mortgages ‘inevitable’

Housing Wire

Tapping into home equity , particularly for people in or near retirement , can be challenging — especially for those who may have a pressing need. With this product, eligible people 62 and older can extract equity in a variety of ways, say through a lump sum. But their equity is also a tool. Homes are trophies, sure.

Equity 459
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The biggest challenge for the reverse industry in 2024? Mortgage rates

Housing Wire

With Home Equity Conversion Mortgage (HECM) volume declining on an annual basis, many industry participants cited at least one key factor that couldve driven the decline, but the view was not universal. We’ll have those loans that come in where we have to look at every opportunity that we can to save that deal and help that client.

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loanDepot returns to profitability, announces new strategic plan 

Housing Wire

It has an emphasis on first-time homebuyers ; purchase loans through an expanded geographic footprint and partnerships; servicing portfolio scale and retention; operating leverage quality to drive down turn times; and recruiting, developing and retaining the best talent available. Meanwhile, the company’s total revenues reached $314.6

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Cash-out refis are in high demand as equity levels skyrocket

Housing Wire

Record home price appreciation in recent years has pushed tappable home equity to new heights. According to a report published by data vendor Black Knight this week, the third quarter of 2021 saw a nearly $250 billion dollar increase in tappable equity—a record. of available equity entering the quarter, the report said.

Equity 476
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PennyMac’s 2024 performance driven by strong servicing portfolio

Housing Wire

And the company’s servicing portfolio, measured by unpaid principal balance (UPB), rose 10% during the year to $665.8 For 2024 as a whole, the California -based lender earned a profit of $311.4 million, up from $144.7 million in 2023. Its net revenue grew from $1.4 billion to $1.6 Pretax income for the final quarter of 2024 was $129.4

Principal 366