High Loan To Value Ohio Mortgage Lending Defined

April 1st, 2022 by admin No comments »

A small part of HLTV Ohio home mortgage lending is geared toward Ohio subprime (high-risk) borrowers. For most HLTV borrowers, however, default risk is low. Lenders thus gain from increased assurance that loans will be repaid, while borrowers gain lower interest rates on their restructured credit card debt, plus tax-deductibility on some of their Ohio home equity loan interest.

The use of the word subprime to characterize HLTV lending has produced some confusion regarding its nature and risks and has led some observers to regard the practice as requiring specialized skills. In fact, the profitability and low average risk of HLTV lending have
been among the industry’s best-kept secrets. Some banks entering HLTV lending are surprised by the profitable low-risk lending opportunities it can offer. Banks like City Holding Company (Charleston, West Virginia) and Community West Bancshares (Goleta, California) are among those that until recently had been reluctant to enter the HLTV arena. After they began offering HLTV loans in 1997, bank executives soon realized that ”the business is not as complex as they initially believed and is similar to the Title I lending they had done for years” (Talley 1998, 7).

The confusion has largely come from semantic difficulties. Before HLTV lending, the vast majority of loans outside the specifications of Fannie Mae and Freddie Mac went to borrowers with less than excellent credit.

That is no longer the case, but the connection between failing to conform to Fannie Mae and Freddie Mac standards and Ohio subprime branding lives on. The subprime brand (or B and C ratings) is often still applied to all loans that have ”been rejected by Freddie Mac or Fannie Mae because [the loans] don’t meet their underwriting criteria” (Bush 1997, 34). Freddie Mac defines the subprime Ohio home mortgage market as a niche that finances mortgages that do not meet traditional underwriting standards. Ohio Subprime mortgages are made to borrowers who have a variety of past credit problems of varying severity or to people with unconventional borrowing needs, including those that exceed 100 percent of the underlying property’s value. (Roche 1998)

The implications of Freddie Mac’s characterization are important: references to Ohio subprime mortgages may arise because of borrower characteristics or Ohio mortgage product characteristics. This confusion was evident in the November 1996 conflict between Greentree Financial, a leader in manufactured housing loans, and Faulkner & Gray, a publisher of industry statistics on theOhio subprime lending industry. Before November 1996, Faulkner & Gray’s Inside B&C Lending was reporting Greentree Financial as the number 2 servicer in B and C (or subprime) loans.

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Reputation Management is the Answer How Your Business Is Perceived

March 1st, 2022 by admin No comments »

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