Residential loans however fell sharply in 2022 and are at an even lower pace so far this year, possibly due to higher interest rates. Image: vipman/Shutterstock.com
By: FEDweek StaffThe TSP has called attention to a new “Loan Tracker” feature on its My Account page that provides current information on the status of loans and loan applications.
A presentation at the latest monthly meeting of its governing board shows that for loan requests, for example, the feature tracks steps such as the status of the notice of spousal consent and whether additional documentation would be needed to process the request.
The presentation also shows that through September participants already had matched the number and amount of general purpose loans taken last year—more than 320,000 with a value just under $4 billion. Over the prior four years the average number was about 240,000 while the value was also about $4 billion.
Residential loans however fell sharply in 2022 and are at an even lower pace so far this year, possibly due to higher interest rates. The numbers had been steady at just below 24,000 and $600 million annually over 2018-2021 but fell to about 10,000 and $200 million in 2022, and 2023 is on schedule to be substantially below even those numbers.
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