SALT LAKE CITY, Utah, Oct. 2, 2014 (SEND2PRESS NEWSWIRE) -- According to document volume data from mortgage document preparation vendor International Document Services, Inc. (IDS), home equity lines of credit (HELOCs) have increased significantly among IDS customers in 2014.
Beginning Q1 2014 through Q3, IDS customers have already drawn more HELOC loan docs than in all of 2013. If current totals hold steady, 2014 HELOC loan doc draws could exceed those of 2013 by nearly 65 percent.
This trend mirrors that of the mortgage market as a whole. Industry expert Rob Chrisman recently pointed out in his blog that HELOCs were already up eight percent in Q1 of this year, totaling just around $13 billion. In addition, an Aug. 31 article in the Los Angeles Times stated that homeowners have opened $120 billion in new home equity credit lines since August 2013, representing a 27 percent increase in volume. The article attributes this increase to the rise in home prices throughout much of the country.
"Rising home prices have certainly encouraged borrowers to tap into their home equity," said IDS Executive Vice President Mark Mackey. "Because so many people were able to take advantage of the relatively low interest rates over the past few years, they are now highly incentivized to stay in and improve their existing home."
Other loan types, however, seem to be holding steady. Conventional and FHA loan doc draws increased almost five percent over 2013 volumes during the same period, and both VA and USDA/Rural loan doc draws are up around 10 and 17 percent, respectively.
"During a time of declining volumes industry-wide, IDS has seen the exact opposite," Mackey added. "Our loan doc volumes continue to increase year over year, and that's due in large part to steady requests from existing customers, as well as business from new customers. At IDS, we strive to make docs the least stressful part of the lending cycle, and we're thrilled to be able to assist in our customers' successes."
About IDS, Inc.:
IDS, founded in 1986 in Salt Lake City, Utah, is a nationwide provider of mortgage documents and compliance. IDS services include closing documents, initial disclosures and fulfillment. The IDS flagship doc prep solution, idsDoc, is recognized in the industry for its ability to be customized to meet specific lender needs. The system is backed with compliance and document guarantees. IDS succeeds with unsurpassed customer service, sophisticated technology, and a diligent compliance team. Lenders looking to get more out of doc prep can visit the IDS website at http://www.idsdoc.com/ or call 800-554-1872.
NEWS SOURCE: International Document Services, Inc. :: This press release was issued on behalf of the news source (who is solely responsible for its accuracy) by Send2Press® Newswire, a service of Neotrope®. Original syndication source of this press release: https://www.send2press.com/newswire/ids-mortgage-document-volume-indicates-spike-in-helocs-2014-10-1002-001.shtml.