fixed home equity loan
DeepGreen Launches 30-year Home Equity Loan ($)
In a move to expand its menu of fixed-rate products, second-mortgage lender DeepGreen Financial recently launched a 30-year home equity loan.
The Cleveland-based company began offering the new loan last month in response to the increasing demand for fixed-rate second mortgages instead of adjustable-rate home equity lines of credit, said Sy Naqvi, chief executive of the online lender.
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Washington Mutual Plans To Sell Mortgage-Servicing Rights
(WM) on Wednesday said it plans to sell its rights to service about $140 billion of mortgages, as the nation's largest savings and loan continues to revamp its home-loan unit amid weakening loan demand.
The Seattle company, the third-largest mortgage lender after Countrywide Financial Corp. (CFC) and Wells Fargo & Co. (WFC), said it will sell for an undisclosed amount its entire portfolio of government mortgage servicing and some of its fixed-rate servicing portfolio to San Francisco-based Wells Fargo. The portfolios to be sold represent about 1.3 million customers. Also, the mortgage-servicing rights are valued at $2.6 billion.
Chief Executive Kerry Killinger said in an interview the plan represents Washington Mutual's ongoing effort to move its home-loan business "away from the commoditized, 30-year, fixed-rate mortgages and into higher margin areas" such as option adjustable-rate mortgages, home-equity loans, subprime mortgages, and Alt-A mortgages - or loans whose risk falls between prime and subprime loans.