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.
- 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.