Markets & EconomyMortgage

‘Mortgage cash-out record?’ Ahem

Peeking inside the numbers behind Black Knight's cash-out release
Published on Feb 2, 2016 | Updated on Feb 5, 2016
  • In Q3 2015, 42 percent of all first lien refinances involved a cash-out component.
  • However, Black Knight has gotten caught in the infernal terminology of mortgage underwriting.

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by CareyBot

Black Knight, the excellent data source and consultant to mortgage servicers, reported yesterday, “In Q3 2015, 42 percent of all first lien refinances involved a cash-out component, the highest share since 2008. Likewise, the average cash-out amount -- over $60,000 -- is the highest since 2007.” Sounds reasonable. But little in mortgageland is reasonable ...

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