Home Equity Lender Announces Profitable Second Quarter
by admin ~ July 17th, 2010.Record low home equity rates apparently have not gotten the attention of homeowners nationally. According to Arthur Nourian, finance writer for the Home Equity News Source, “Home equity lenders have made it difficult for the average homeowner to qualify for an open end home equity line of credit or a fixed rate second mortgage, because the guidelines are not realistic in today’s tough economy.” When it comes to refinancing, Nourian said, “Borrowers are more savvy today and they the application volumes are dropping because most homeowners know that do not qualify for cash out or a simple rate and term refinance for that matter.”
First Horizon Announced Higher Second Quarter Profits
First Horizon National Corporation is one of the largest home equity lenders in the nation. When it was reported this week that the home equity loan company announced a profitable second quarter of this year, we had to post the good news. As reported, the home equity loan business has been turned upside down in the last few years due to tighter lending guidelines as home equity lenders are less willing to take risks.
First Horizon attributed their second quarter success to the improvement of credit quality. “Second quarter’s results demonstrate that the successful execution of our strategic plan is paying off. I am extremely proud of our employees who have worked tirelessly to help position us for the future. Bryan Jordan, First Horizon CEO said, “We remain focused on improving efficiency, implementing regulatory reform and capitalizing on opportunities to grow our business.” The slow economic recovery, diminishing equity loan demand and low home equity loan rates will present a challenging operating environment, but in those challenges, we see opportunity.
