Posts

Get Credit Healthy Names New Chief Revenue Officer

Beta Music Group Inc. through its operating subsidiary Get Credit Healthy, Inc., a FinTech platform that provides independent mortgage originators with credit resources, education, data intelligence and lead recovery that recently signed an exclusive partnership with DriveitAway to improve the financial health of drivers for Uber (3.0 million drivers) and Lyft (1.4 million drivers) announces the hiring of Jon Hill (Hill) as Chief Revenue Officer.


Featured Sponsors:

 


Get Credit Healthy is passionate about providing consumers with the tools and resources they need to eliminate debt, build credit, and make sound financial decisions. It is that passion that drove it to create an award winning fintech platform that provides financial institutions with data intelligence and lead recovery that turns credit fall out into funded loans.


Featured Sponsors:

 


Elizabeth Karwowski, CEO of BEMG subsidiary Get Credit Healthy, stated, “We are excited to have Jon join the Get Credit Healthy leadership team.  He brings a wealth of industry experience at a time when Get Credit Healthy is riding a strong growth trajectory.  His understanding of technology, sales process, and the customer journey will allow us to maximize our growth and will take our platform to new heights.”


Featured Sponsors:

 


Jon has been in the mortgage industry for 17 years building relationships with many of the top 100 lenders and prominent vendors.  Most recently he served as CEO of Homebird LLC. Homebird delivers a concierge service to consumer direct lenders, pairing buyers with local real estate agents. Homebird is process and systems driven, utilizing tools and technology to create an excellent consumer experience from beginning to end.


Featured Sponsors:

 


Hill was also responsible for marketing Vitreus, a company that helps streamline the pre-qualification mortgage process.

Prior to Homebird and Vitreus, Hill was Regional Vice President of Business Development of Social Survey and Vice President of National Sales for Equity National Title & Closings (“Equity National”).

“I am truly thankful for this opportunity to take such a unique platform and help expand its reach in the mortgage industry.  Creating the right culture, team environment, and excitement is of paramount importance, and I cannot wait to get started,” stated Jon Hill, Get Credit Healthy’s new Chief Revenue Officer. 

Expanding Homeownership

It’s no secret that low to moderate income individuals enjoy significantly lower rates of homeownership than the rest of the country. It’s also common knowledge that minorities, specifically, black and Hispanic households, are less likely to own homes than other demographics. Federal, state, and local governments have all attempted to remedy these issues.


Featured Sponsors:

 


The first impactful attempt to level the playing field was the enactment of the Fair Housing Act as part of the broader Civil Rights Act during the 1960’s. The Fair Housing Act made it illegal to discriminate against potential home buyers on the basis of race. After the passage of that legislation, minority home ownership rates did begin to rise but, as of today, rates of homeownership amongst black households are the lowest that they have been since before discrimination was rendered illegal. Although Hispanic households are faring slightly better, they are still much less likely to own their own homes than the rest of the country, as a whole. Although there is no singular variable contributing to this disparity, there are a couple of factors that remain constant.


Featured Sponsors:

 


Income plays an integral role in widening the gap between minority homeownership and the national average. When considering the reasons for the disparity, many people think that the first, and seemingly most insurmountable barrier to entry is coming up with a down payment. Saving money is difficult for many people, especially for those who are straddling the poverty line. For a single parent who makes less than $30,000.00 per year, the idea of scraping together even a third of that for a down payment on a $40,000.00 house can seem just as daunting and realistic as finding the resources to buy a house two or three times that price. 


Featured Sponsors:

 


The other factor, however, is often easily overlooked. Many people tend to focus so intently on the financial aspect of the homebuying process, that they often forget that the potential borrower must first demonstrate that he or she has a sufficient credit profile to even merit consideration for a loan. Some might still argue that the credit profile is a secondary consideration; if the potential applicants do not have sufficient income to make a down payment, what difference does it make whether they can qualify for a loan that they can’t afford? However, many are unaware of the existence of programs, such as down payment assistance and mortgage payment assistance, that were established to help get people out of public housing and into homes of their own. 


Featured Sponsors:

 


Despite the existence of these programs, poor credit is still preventing those who would otherwise qualify for this type of assistance from vacating public housing in favor of their own homes. Fortunately, there are now non-profit entities with which lenders and municipalities can pair in order to get those who are often overlooked the assistance that they need. These non-profits utilize a combination of credit coaching and credit education to instill behavioral changes that lead to sound financial decision making. This type of assistance is often invaluable to those occupying the lowest wrung on the financial ladder, and has the potential to make a multigenerational impact. 

About The Author

Key Factors Impacting Borrower Credit

In today’s mortgage market it is vital that borrowers understand what impacts their credit profile and ability to obtain financing.  Here are some quick tips for borrowers looking to improve their credit profiles.


Featured Sponsors:

 


Paying Collection Accounts

Believe it or not, it may be counterproductive to pay off an old debt. Under The Fair Credit Reporting Act, negative defaults such as collections are removed from your report after 7 years. Making a payment on an old debt, say from 5 years ago, re-ages that debt and makes it current. Again, this is noted on your file and has a negative impact on your score, causing it to fall. 


Featured Sponsors:

 


Before taking a course of action to make payment on an old debt, consult a professional. Re-aging old information can have a huge negative impact on your credit score. 

What’s not on your FICO Score?


Featured Sponsors:

 


Although a FICO score on your credit report has many considerations that are used to determine your credit worthiness, there are many personal items they ignore. U.S. Law prohibits consideration of the following when determining your credit score.

Marital status, national origin, gender, race, religion, the color of your skin, 


Featured Sponsors:

 


receipt of public assistance, these have no place in the determination of your credit score. 

While other scores might, FICO does not consider your age as a factor. Similarly, employment history, employer, date employed, title, your salary and occupation are not used. However it is worth noting that lenders may consider this information as part of their scrutiny.

The DO’S & DONT’S OF HEALTHY CREDIT

The “DO’s”?

>>Do pay your bills on time.?

>>Do keep credit cards balances low (try to keep balances under 1/3 of your ?current credit limit.?

>>Do pay off debt rather than opening and moving balances between credit cards.?

>>Do apply and open new credit cards (ONLY when NEEDED).????

THE DON’T

>>Do NOT max your credit cards.

>>Do NOT miss a credit card payment. 

>>Missing a payment because you forgot not only impacts your credit score negatively, but also can affect your interest rate for that card.

>>Do NOT have your credit report pulled multiple times within a short period.

>>Do check your credit report at least once a year for accuracy and completeness of information.?

These are just a few tips that can help borrowers improve their credit profiles.  For more information or to speak with a credit coach visit www.getcredithealthy.

About The Author

Mortgage Credit Availability Increased In March

Mortgage credit availability increased in March according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) that analyzes data from Ellie Mae’s AllRegs Market Clarity business information tool.

The MCAI rose 1.1 percent to 182.1 in March. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit. The index was benchmarked to 100 in March 2012. The Conventional MCAI increased (3.6 percent), while the Government MCAI declined (1.2 percent). Of the component indices of the Conventional MCAI, the Jumbo MCAI increased by 5.2 percent, while the Conforming MCAI increased by 1.4 percent.


Featured Sponsors:

 


“Credit availability increased in March, primarily due to a spike in jumbo mortgage offerings. The jumbo sub-index increased 5 percent and reached its highest level since last November, as the recent decline in mortgage rates led to a jump in refinances from borrowers with larger loans,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “The credit supply for government loans decreased in March, as investors continue to reduce FHA and VA streamline refi offerings.” 

CONVENTIONAL, GOVERNMENT, CONFORMING, AND JUMBO MCAI COMPONENT INDICES

The MCAI rose 1.1 percent to 182.1 in March. The Conventional MCAI increased (3.6 percent), while the Government MCAI declined (1.2 percent). Of the component indices of the Conventional MCAI, the Jumbo MCAI increased by 5.2 percent, and the Conforming MCAI increased by 1.4 percent. 


Featured Sponsors:

 


The Conventional, Government, Conforming, and Jumbo MCAIs are constructed using the same methodology as the Total MCAI and are designed to show relative credit risk/availability for their respective index. The primary difference between the total MCAI and the Component Indices are the population of loan programs which they examine. The Government MCAI examines FHA/VA/USDA loan programs, while the Conventional MCAI examines non-government loan programs. The Jumbo and Conforming MCAIs are a subset of the conventional MCAI and do not include FHA, VA, or USDA loan offerings. The Jumbo MCAI examines conventional programs outside conforming loan limits, while the Conforming MCAI examines conventional loan programs that fall under conforming loan limits.


Featured Sponsors:

 


The Conforming and Jumbo indices have the same “base levels” as the Total MCAI (March 2012=100), while the Conventional and Government indices have adjusted “base levels” in March 2012. MBA calibrated the Conventional and Government indices to better represent where each index might fall in March 2012 (the “base period”) relative to the Total=100 benchmark.                                                       


Featured Sponsors:

 


EXPANDED HISTORICAL SERIES

The Total MCAI has an expanded historical series that gives perspective on credit availability going back approximately 10-years (expanded historical series does not include Conventional, Government, Conforming, or Jumbo MCAI). The expanded historical series covers 2004 through 2010, and was created to provide historical context to the current series by showing how credit availability has changed over the last 10 years – including the housing crisis and ensuing recession.  Data prior to March 31, 2011, was generated using less frequent and less complete data measured at 6-month intervals and interpolated in the months between for charting purposes. Methodology on the expanded historical series from 2004 to 2010 has not been updated.

Integration Expands Credit Report Options

ReverseVision, a provider of software and technology for the reverse mortgage industry, has completed its integration with Informative Research, one of the nation’s oldest and largest credit reporting agencies. The integration makes it faster and easier for users of RV Exchange (RVX) loan origination software (LOS) to order Premier Credit Report, Informative Research’s version of the tri-merge credit report that has become the mortgage industry standard. Credit information supplied by Informative Research is available in RVX as of the system’s June 16 update.

Featured Sponsors:

 

“With this integration, Informative Research and ReverseVision assure their mutual customers unmatched access to critical credit data needed for originating reverse mortgages. Further, the integration helps support our unceasing commitment to improving lender workflow and streamlining credit reporting capabilities,” said Informative Research Chief Operating Officer Stan Baldwin.

Founded in 1946, Garden Grove, California-based Informative Research is dedicated to providing the industry’s most accurate and complete residential mortgage credit reports and is renowned for its innovative technology. For decades, Fannie Mae and top lenders have trusted Informative Research and its proprietary Keystone logic system, which allows individual reports from the three credit bureaus to be merged into an easily understood, accessible format with duplicated or incomplete listings removed for lender efficiency.

“Through this integration with Informative Research, RVX users will experience ease-of-access to the critical credit information required to identify qualified borrowers,” said ReverseVision Vice President of Sales and Marketing Wendy Peel.

Featured Sponsors:

RVX is San Diego, California-based ReverseVision’s flagship product. The LOS serves as a centralized exchange, connecting all participants in the lifecycle of a reverse mortgage by allowing them to log in to a single system to share documents and information for each part of the loan process.

Informative Research enables lenders to customize how credit information is presented in a borrower’s report and consistently provides turnaround times that are among the industry’s fastest. It is particularly known for dedicated customer support specialists focused on helping lenders maintain the highest levels of borrower service. Informative Research has earned PCI and EI3PA compliant certifications for achieving the highest levels of security and data privacy.

“While a borrower’s ability to qualify for a reverse mortgage is not dependent on his or her numerical credit score, HUD’s Financial Assessment rules require reverse mortgage lenders to carefully consider the borrower’s ability to meet financial obligations,” Peel said. “That’s why offering lenders the ability to order credit reports from within RVX has a significant impact on efficiency.”

Consumer Balances And Write-Off Performance

According to the latest Equifax National Consumer Credit Trends Report, non-mortgage credit balances in November 2014 totaled $3.1 trillion, the highest level in more than five years. By vertical, year-over-year balance increases include:

>> Auto: 9.6% ($965.0 billion);

>> Retail-issued credit cards: 4.8% ($71.0 billion); and

>> Bank-issued credit cards: 4.7% ($611.7 billion).

In addition, the total balance of non-mortgage write-offs year-to-date for November 2014 was $73.4 billion, the second-lowest level in eight years. Similarly, the total balance of home-finance write-offs year-to-date in November was $91.2 billion, also the second-lowest level in eight years.

“The Great Deleveraging has clearly ended and U.S. Consumers are back in the borrowing business, but how they borrow has greatly changed from prior to the Great Recession,” said Amy Crews Cutts, Senior Vice President and Chief Economist at Equifax. “Today, while auto loans make up 30.9% of non-mortgage consumer debt –  just as they did in December 2007 at the Recession’s start – student loans have grown from 20.2% to a whopping 37.3% and bank- and retailer-issued credit cards are down to 21.9% of consumer debt from 31.4%.”

Cutts continued, “One way to read this change is that consumers now value investment (in their education and durable goods like cars) over immediate consumption, which is good for our economy over the long run.  But, with the exception of new car production, sluggish consumption slows economic growth in the short-term, partially explaining the slower-than-hoped-for economic recovery.”

Other highlights from the most recent Equifax data include:

Auto Loans:

>> The total number of outstanding loans year-to-date in November was more than 70.0 million, the highest level in more than five-years;

>> Auto loan serious delinquencies, defined as loans 60 days or more past due, stood at 1.04% in November as a share of balances, a decrease from 1.15% from the same time a year ago;

>> The total number of new auto loans originated between January and September 2014 was 19.2 million, an increase of 4.7% versus the same period a year ago; in that same time, the total balance of new credit originated was $391.6 billion, an increase of 7.0%.

Retail-issued Credit Card:

>> The total number of new retail card accounts issued January-September was 28.5 million, a year-over-year increase of 2.5% and the highest since 2007;

>> The total balance of new credit originated in that same time was $48.1 billion, a six-year high and an increase of 3.4%;

>> In November, write-offs as a percentage of total balances were 7.44%, a year-over-year decrease of 0.34 percentage points (34 basis points).

Bank-issued credit card

>> Total new credit originated year-to-date in September was $183.9 billion, a six-year high and an increase of 25.9% from same time a year ago;

>> The total number of new cards issued year-to-date in that same time was 37.7 million, also a six-year high and an increase of 20.1%;

>> The write-off rate as a percentage of total balances outstanding in November was 3.47%, down from the 3.94% rate for November 2013;

>> The total number of bank-issued credit cards outstanding in November was more than 359.6 million, a five-year high and an increase of more than 4.7% from November of 2013.

Home Finance

>> Delinquent first mortgages, those 30 days or more past due, represented 4.54% of outstanding balances in November, a decrease from 5.87% from the same time a year ago;

>> The total balance of seriously delinquent first mortgages (90 days past due or in foreclosure) was $198.8 billion in November, a decrease of more than 29.8% year-over-year and the lowest level in more than five years;

>> Total balances on home equity installment loans was $139.9 billion in November, a decrease of 15.9% from the same time a year ago, while the total number of loans outstanding dropped to 4.6 million;

>> Total balances outstanding on home equity lines of credit (HELOCs) in November 2014 was $515.4 billion, a decrease of 3.6% from same time a year ago and a five-year low. The total number of HELOCs outstanding fell to 11.1 million, the lowest total in 10 years;

>> Delinquent balances (30 days or more past due) on HELOCs represented 2.37% of outstanding balances in November, down from 2.70% a year ago.

>> Delinquent balances on home equity installment loans fell 0.77 percentage points from November 2013 to 2.45% in November 2014.

The Credit Situation

According to the latest Equifax National Consumer Credit Trends Report, the total limit of new credit for bank-issued credit cards leads origination growth in January 2014, followed by home equity revolving lines and auto lending.Changes in the total balance of new credit originated January 2013-2014 include:

>> Bank-issued credit cards: 28.5% increase ($15.2 billion to $19.5 billion);

>> Home equity revolving: 18.4% increase ($6.2 billion to $7.3 billion); and

>> Auto: 19.8% increase ($28.6 billion to $34.3 billion).

“Spring is here and consumers’ desire for credit appears to be rising alongside the mercury,” said Amy Crews Cutts, Chief Economist at Equifax. “Despite the relatively low numbers of new and used vehicles sold in January, auto originations were up nearly 20 percent from the same time last year. This suggests that consumers are responding positively to the generous terms and greater credit availability in the auto space. Credit card and Home Equity Revolving Lines of Credit originations were also up sharply over the previous year, further signaling that not only are consumers interested in credit, but that banks are more willing to offer it.”

Other highlights from the most recent Equifax data include:

Bank-issued credit card:

>> The total number of loans outstanding in March 2014 is more than 320 million, the highest since September 2009;

>> Similarly, the total aggregate credit limit for bank cards in March 2014 is more than $2.5 trillion, a 55-month high;

>> From March 2013-2014, write offs as a percentage of total balances decreased 13.2% (from 4.77% to 4.14%); and

>> The total number of new cards issued in January 2014 is 3.7 million, a six-year high and an increase of 18.6% from same time a year ago.

Home equity revolving lines:

>> The total number of new loans in January 2014 is 71,600, an increase of 10% from same time a year ago;

>> The total outstanding balance of existing loans in March 2014 decreased 6.5% from same time a year ago;

>> Of total severely delinquent balances, 69% are from loans originated from 2005-2007; and

>> The total balance of severely delinquent loans in March 2014 is slightly more than $8 billion, a five-year low.

Auto:

>> The total number of new loans originated in January 2014 is 1.8 million, an eight-year high and an increase of 4.7% from same time a year ago; and

>> The total balance of auto loans outstanding in March 2014 is up 10.3% from same time a year ago ($874 billion). The total number of loans outstanding is 6.1% higher (63 million). Both are nine-year highs.

Let’s Learn From The Auto Industry

The best people are always open to new ideas. They’re always learning. So, I like to bring in topics on other industries that I think you might learn a bit from. In this case, I learned that the auto industry is doing some interesting things that the mortgage industry might try.

I was told that Fiserv’s Automotive Loan Origination System (LOS) was used by dealers and lenders to process more than 13.6 million credit applications in 2013, an increase of 16.5 percent over the previous year. More than 4.6 million contracts were funded on Auto LOS – a 14.3 percent increase over 2012 — of which nearly 900,000 were electronic contracts (e-contracts). 2013 was the first full year that e-contracting capabilities were integrated into the company’s end-to-end solution for automotive loan origination.

This substantial volume of credit applications and funded contracts reflects the slow return to health of the U.S. automotive industry, which registered robust growth in sales and financing for both new and used cars and trucks. The growing adoption of e-contracting mirrors the automotive industry’s transition to new technology and digital lending. E-contracting systems enable auto dealers to submit an electronically signed contract to a lender, greatly reducing the time needed to approve and fund loans, minimizing errors and leading to improved customer satisfaction. Are you listening Mr. Mortgage Lender?

“Increasing automobile sales and the recovering economy contributed to the impressive growth of credit applications and contracts supported by our Automotive Loan Origination System,” said Kevin Collins, president, Lending Solutions, Fiserv. “Captives and their dealers realized the role that technology can play in reducing costs, improving customer satisfaction and facilitating faster decision-making. This led to the impressive volume gains and growing adoption of e-contracting processes.”

By using e-contracting through Automotive LOS from Fiserv, auto dealers have been able to realize same-day or next-day funding and approval of contracts, a significant improvement over the laborious and slow paper-based contract process.

Fiserv technology gives lenders access to tools that help them better understand their borrowers’ financial situation, and offers a holistic view of their entire lending portfolios so they can make smarter lending decisions and close more deals. The efficient and error-free execution of e-contracts helps lenders reduce costs by eliminating paper, deliver high-quality service and remain competitive in today’s auto finance market.

Fiserv’s Automotive Loan Origination System is a solution for automotive loan origination, from electronic application capture through credit processing, funding verification, validation and booking of new loans and leases. The system assures a fast and efficient origination process, enforces compliance, mitigates risk and promotes profitable growth by lowering processing costs without sacrificing quality for quantity.

Mortgage lenders just might learn a thing or two from what these auto lenders are doing in my humble opinion.

About The Author

[author_bio]

The Unknown

You can Download this article as a PDF HERE

TME-RBiundoThe current regulatory and economic environment has heightened the need for insightful and compliant decisioning tools, and lenders need deep and robust consumer information in order to improve portfolio stability and make more informed lending decisions. The best indicator of future behavior has always been – and continues to be – past behavior. To acquire this level of insight, lenders must leverage technology to identify potential bankruptcy risk, understand past consumer behavior and maximize profitability. By utilizing technology tools such as real-time, tradeline-level analytics, lenders can understand consumer behavior patterns and potential risk to determine the best strategies and opportunities for their borrowers.

24 Months: The Sweet Spot

If lenders want to truly obtain an insightful view of a borrower, using analytics with data across a 24-month playing field is crucial. Detailed consumer level information such as balance, payment, credit limit or account type provides insight that can identify and predict a borrower’s future credit behavior. Incorporating this borrower data into acquisition, portfolio and review strategies assists lenders in mitigating risk and offering relevant opportunities to specific borrowers.

For example, the ability to predict an individual’s propensity to pay within a certain timeframe can drive specific marketing strategies and opportunities to enhance customer loyalty. Analyzing a borrower’s credit behavior over a 24-month period can help identify unique sets of trends and characteristics, such as:

>> Spending patterns;

>> Payment patterns; and

>> Credit utilization – established patterns and impact of changing behavior.

Historical, trended data allows for better decisioning across the entire lifecycle – from acquisition to account management to collections. Data-rich technology tools like this provides lenders with the consistent information needed to identify and implement borrower-specific actions.

The Game of Risk

Past behavioral insight is readily available to lenders who leverage the right technology in order to confidently predict the future behavior of a consumer. Plus, analytic tools like scores and models can be leveraged in the portfolio monitoring process to predict the risk that a borrower may file for bankruptcy.

Scores and models tailored specifically to predict bankruptcy allows lenders to distinguish potentially profitable customers from those who are more likely to file for bankruptcy. Using a score with comprehensive, tiered segmentation schemes allows lenders to independently evaluate bankruptcy risk.  Scores such as these can support account management since it assists with enhanced segmentation and treatment or collection strategies.

Powerful Technology, Powerful Decisions

The recession may have altered the consumer credit landscape, but insight into a borrower’s potential to incur bankruptcy and to predict future credit behavior is available for lenders in order drive profitable decisions and effectively manage portfolios despite the stringent regulatory environment. Lenders are better enabled to strategically and effectively expand borrower pools through the use of technology tools like real-time, tradeline-level analytics. Managing borrower risk and predicting their future behavior by utilizing data-rich technology can help improve business performance and ensure more consistent outcomes.

About The Author

[author_bio]

Are People Over Spending Again?

*Are People Over Spending Again?*
**By Tony Garritano**

TonyG***People buying things they could not afford with credit instead of available cash was a leading contributing factor to the mortgage meltdown. Americans are too comfortable about going into debt. Here’s what’s happening today: According to Equifax’s latest National Consumer Credit Trends Report, the total balance of bank credit cards increased slightly over the year ending July 2013 (from $533.3 to $536.5 billion), realizing the first year-over-year increase in 5 years.

****For other verticals, year-over-year changes in balances include:

****>> Student loan: increased 11.3% (from $794.6 billion to $884.2 billion);

****>> Auto: Increased 10.9% (from $745.3 billion to 826.8 billion);

****>> First mortgage: decreased 0.9% (from $7.79 trillion to $7.72 trillion);

****>> Home equity installment: decreased 4.1% (from $142.3 billion to $136.5); and

****>> Home equity revolving: decreased 8.9% (from $553.2 billion to $504.1 billion).

****“Only two major consumer credit segments are currently growing: auto financing and student loans,” said Equifax Chief Economist Amy Crews Cutts. “In all other segments, consumers are reducing their debt burdens, either negatively, through foreclosures and bankruptcies or positively, through payoffs – payoffs are dominating in most cases today. We expect mortgage balances to begin rising again over the next several months as new home purchase loans overtake foreclosures and payoffs.”

****Other highlights from the most recent data include:

****Bankcard:

****>> Serious delinquencies represent 1.86% of outstanding balances in July 2013, a decrease of more than 11% year-over-year;

****>> The total of new credit opened between January-May 2013 is the highest since 2008 and an increase of more than 6% from same time a year ago ($72.9 billion to $77.7 billion);

****>> From January-May 2013, the total number of new loans also increased more than 6% from same time a year ago, from 15.6 million to 16.6 million; and

****>> Both new loans and new credit year-to-date in May 2013 are five-year highs.

****Student Loan:

****>> The total number of student loans originated January-May 2013 is 4.2 million, a decrease of 9.3% from same time a year ago;

****>> In that same time, the total balance of new credit is $24.3 billion, an increase of nearly 4% from same time a year ago;

****>> More than 60% of new student loans in May 2013 were distributed to borrowers between the ages of 24 and 39, a modest decrease from the same period last year; and

****>> The total amount of write-offs year to date in July 2013 is $11.6 billion, an eight-year high and an increase of more than 58% from same time a year ago.

****Home Finance:

****>> The total balance of home finance write-offs year-to-date in July 2013 is $96.3 billion, a decrease of more than 22% from same time a year ago and the lowest since 2007;

****>> First mortgages in severe delinquency (30-days past due) represent 6.24% of outstanding balances, a decrease of 22% from the same time last year;

****>> Similarly, the total balance of first mortgages 90-days past due or in foreclosure is less than $310 billion, a five-year low and a decrease of more than 25% from same time a year ago; and

****>> By loan type, severely delinquent balances (90-days past due or in foreclosure) for home equity revolving ($8.3 billion) and home equity installment ($4.4 billion) in July 2013 are five-year lows.