Equifax: First Mortgage Loans Up Nearly 10%

Equifax, New York, said total first mortgages through the third quarter rose to 4.85 million, a year-over-year increase of 9.9 percent.

The company’s National Consumer Credit Trends Report said total dollar amount of first mortgages originated year to date fell to $1.17 trillion, a 10.8 percent year-over-year decrease.

The report said lenders originated 508,200 home equity installment loans through the third quarter, a 9.2 percent increase from a year ago. Total dollar amount of home equity loans originated through the third quarter totaled $21.5 billion, a 14.1 percent year-over-year increase. Outstanding home equity installment loans stands at 4.48 million, a 2.8 percent year-over-year decrease; although the outstanding balances on home equity installment loans fell 4.0 percent year-over-year to $143 billion.

Equifax reported the balance of outstanding home equity lines of credit loans through October totaled $432 billion. The total credit limit on HELOCs originated year to date is $108.3 billion, a 2.4 percent year-over-year increase and a nine-year high. During the same period, new HELOCs originated totaled 974,200, a year-over-year increase of 1.4 percent.

The report said the severe delinquency rate (share of balances 90-days past due or in foreclosure) for first mortgages fell to 1.05 percent, down from 1.33 percent same time a year ago; the severe delinquency rate (as a share of balances 90-days past due or in foreclosure) fell to 1.65 percent, down from 2.35 percent same time a year ago. Equifax said severe delinquencies are now at their lowest level since September 2006 as a share of outstanding balances, and a record low as a share of outstanding loans.