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Servicing Income Rises For Banks and Thrifts.(Brief Article)
Washington -- Residential mortgage lending and investments at banks and thrifts accounted for 42% of all asset growth in 2004 and 70% in the fourth quarter as federally insured depositories continue to bulk up on mortgage assets.
The most rapid growth occurred in home-equity lending, according to the Federal Deposit Insurance Corp.
Borrowings on home-equity lines of credit grew at a 41.8% annual rate at FDIC-insured institutions.
At commercial banks, HELOCs grew at a 40.2% annual rate in 2004, up from a 33% growth rate in 2003. FDIC data released last week show that borrowings on HELOCs rose from $284.5 billion in the fourth quarter of 2003 to $398.9 billion as of year-end 2004. In the fourth quarter, HELOC lending grew by $23.7 billion, or 6.7% from the third quarter.
Office of Thrift Supervision data show that home-equity lending at thrifts jumped by 62.5% in 2004 to $79.3 billion. HELOC outstandings grew by $11.4 billion in the fourth quarter, up 16.8% from the third quarter.
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