Growth in Second Mortgages in 2014

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The volume of second mortgages increased by 25% during the second quarter of 2014 from its level during the second quarter of 2013, according to the Experian-Oliver Wyman Market Intelligence Report. The origination volume was $35 billion.

The growth in home equity lines of credit from the second quarter of 2013 to the second quarter of 2014 was 27%. There was a double-digit increase in these second lien mortgages in all states of the country. The state with the highest growth in home equity lines of credit was California with origination volume of $5.9 billion. The second place was taken by New York where the origination volume was $2.2 billion. Pennsylvania had the third largest origination volume of home equity lines of credit during the second quarter of this year. It was $2 billion.

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The state with the largest growth in home equity lines of credit during the period from the second quarter of 2013 to the second quarter of 2014 was Wyoming. The increase was 169%. It was followed by Oklahoma where the home equity lines of credit rose by 85%. Arizona took the third place with an annual growth of 79%.

The annual increase in the total mortgage origination volume during the second quarter of 2014 was lower compared to the increase in the origination volume of second mortgages, according to the Report. It was 15%. The home purchase loan origination volume rose by 22%.

Another report from the mortgage loan document preparation service provider IDS predicts an increase of over 64% in the home equity lines of credit in 2014 compared to 2013, if the current origination volume remains steady. The report is based on the company’s origination data. The average increase in government-backed mortgage loans including FHA loans, VA loans and USDA loans is 10.6%. FHA loans alone rose by 5%.

Christian

Christian

Christian Calvin mortgage Christian is a contributing writer for Mortgage.info. He is a graduate from the University of Tennessee with a degree in Communications and a concentration in Broadcasting. Christian has served as vice-president for a privately-held company for more than 20 years. Additionally, he has also applied his writing and business knowledge to various websites with a focus on business and sports news . . . both of which are passions. Christian enjoys playing golf and spending time with his family and friends.

Contact: christian@mortgage.info
Christian

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