Residential refinance loans tumbled in the fourth quarter of 2017, dragging the overall level of originations down by a fifth
Residential refinance loans tumbled in the fourth quarter of 2017, dragging the overall level of originations down by a fifth.
ATTOM Data Solutions says that overall residential home loan originations dropped 19% year-over-year and 20% quarter-over-quarter with a total of 818,158 originations.
Purchase loans made up 791,637 of the total but that was down 22% from the previous quarter and down 1% from Q4, 2016. Refinance loans were down 17% quarter-over-quarter and down 34% year-over-year.
HELOCs were also down, by 25% from a 9-year high in Q3 2017 and down 7% year-over-year to a total 293,570.
"The falloff in refinance originations continued for the third straight quarter, but purchase originations held steady compared to a year ago despite ballooning down payment amounts that make it more difficult for first-time homebuyers to compete — as evidenced by the three-year low in the share of FHA buyers," said Daren Blomquist, senior vice president at ATTOM Data Solutions.
He added that a 12% rise in construction loans in the quarter (29,357) shows that – even taking rebuilding in Texas and Florida following the hurricanes - more homeowners are choosing to stay in their existing homes and remodel as mortgage rates rise.
The share of FHAs in the quarter was down to a 3-year low of 12% of all loans originated. That compares to 12.9% in Q3 2017 and 12.3% in Q4 2016.
Top loan originators for 2017
The table below shows the top 16 mortgage originators in 2017 based on dollar volume of loans. This includes all lenders with at least $10 billion in total loan origination volume for the year.
|
Number of Residential Loans in 2017 |
Dollar Volume |
|||||
|
Lender |
Purchase |
Refi |
Grand Total |
Purchase |
Refi |
Total |
|
100,485 |
145,158 |
245,643 |
$40,121,731,533 |
$40,290,454,380 |
$80,412,185,913 |
|
|
Quicken Loans |
76,012 |
213,337 |
289,349 |
$18,001,750,030 |
$46,528,129,721 |
$64,529,879,751 |
|
Chase Bank |
41,044 |
82,136 |
123,180 |
$17,220,089,771 |
$23,833,616,199 |
$41,053,705,969 |
|
Bank of America |
33,397 |
49,119 |
82,516 |
$16,237,197,861 |
$17,674,000,737 |
$33,911,198,598 |
|
Caliber Home Loans |
57,835 |
27,218 |
85,053 |
$16,156,218,534 |
$7,669,143,958 |
$23,825,362,491 |
|
LoanDepot |
23,987 |
64,451 |
88,438 |
$7,457,287,764 |
$15,973,780,207 |
$23,431,067,971 |
|
43,658 |
32,174 |
75,832 |
$12,111,744,067 |
$9,414,773,899 |
$21,526,517,966 |
|
|
US Bank |
21,414 |
33,072 |
54,486 |
$7,122,254,762 |
$9,792,142,102 |
$16,914,396,864 |
|
Fairway |
48,894 |
13,015 |
61,909 |
$12,182,481,158 |
$3,463,672,285 |
$15,646,153,443 |
|
Guaranteed Rate |
35,284 |
13,614 |
48,898 |
$10,865,731,846 |
$4,373,120,993 |
$15,238,852,839 |
|
Finance of America |
27,809 |
15,989 |
43,798 |
$8,017,288,752 |
$5,682,991,965 |
$13,700,280,717 |
|
Navy FCU |
25,402 |
19,495 |
44,897 |
$7,292,909,374 |
$5,021,614,974 |
$12,314,524,348 |
|
34,321 |
10,558 |
44,879 |
$9,018,556,214 |
$2,684,348,666 |
$11,702,904,880 |
|
|
13,162 |
37,781 |
50,943 |
$3,182,783,337 |
$7,985,655,820 |
$11,168,439,157 |
|
|
USAA |
29,207 |
16,075 |
45,282 |
$7,489,687,931 |
$3,470,130,767 |
$10,959,818,697 |
|
Prime Lending |
32,126 |
9,010 |
41,136 |
$7,912,031,508 |
$2,327,450,669 |
$10,239,482,178 |
