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Nonprime Lenders Show Some Range
Nonprime lenders are an interesting group. They don’t always fund only nonprime loans. Their spreads on subordinate liens are actually a couple of basis points lower than those of prime lenders. And they fund a high percentage of manufactured housing. Nonprime lender volume fell off by 10 percent in 2015 from 2014, according to an…
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Illinois Is a Conforming State
Illinois in some respects is quite similar to the last state I profiled, New York. Like the Empire State, Illinois has a huge urban center (Chicago) similar to New York City and a lot of non-urban areas comparable to “upstate” New York. But there are significant differences in their Home Mortgage Disclosure Act profiles. A…
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New York Is the Home of the Million Dollar Jumbo
New York state had quite a high dollar volume of jumbo mortgages in 2015, Home Mortgage Disclosure Act data show. Of $80 billion in mortgage finance done in the Empire State (this analysis excludes mortgages purchased) during 2015, more than half went to jumbos. The $47 billion in jumbo lending was a hefty 58 percent…