Mortgage holders' equity hits Q3 record of $17.5 trillion

The report said 2.4 million mortgage holders had at least $1 million in equity, up 6% year over year, and average tappable equity reached $204,000 per borrower while maintaining a 20% equity cushion. Servicers retained 27% of refinancing borrowers, down four percentage points from the prior quarter; cash-out refinances accounted for 75% of refinance-portfolio attrition, and servicers retained 26% of cash-out borrowers.