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Non-depositories historically haven’t been big originators of home equity lines of credit, but fintechs that offer the easily automated countercyclical products are reporting growth.
In the fourth quarter of 2021, home equity line of credit volume was up 31% from the same period the year before.
Remember: April is National Procrastination Month! I could tell that my cat Myrtle was displeased the other morning. She’s very secretive about her finances, but my guess is that she’s “long” residential lender stocks and procrastinated selling them. Nearly every lender’s stock price is near all-time lows, making the sellers of these companies during the last few years look like timing geniuses. Earning notes on UWM and Rocket are below, but loanDepot shares have lost about 43.8% since the beginning of the year versus the S&P 500's decline...
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