Mortgage bankers saw a significant drop-off in production volume in the fourth quarter, according to data released yesterday
Mortgage bankers saw a significant drop-off in production volume in the fourth quarter, according to data released yesterday.
Richey May & Co., a provider of accounting and business advisory services to the mortgage industry, released its quarterly trend report for Q4 of 2013. Among the report’s key findings were:
“Lenders are trying a lot of different things to keep production levels up – lending to borrowers with lower FICO scores is just one of them,” said Ken Richey, managing partner of Richey May.
Richey May & Co., a provider of accounting and business advisory services to the mortgage industry, released its quarterly trend report for Q4 of 2013. Among the report’s key findings were:
- Overall production volume among those surveyed fell by an average of just under 11%. Most lenders saw production fall between 6% and 55%.
- Refinance volume dropped 9%.
- Purchase volume was down nearly 12%.
- The distribution of FICO scores changed by 2%. Lenders closed more loans with FICO scores between 651 and 700 in the fourth quarter, and fewer with FICO scores above 750.
“Lenders are trying a lot of different things to keep production levels up – lending to borrowers with lower FICO scores is just one of them,” said Ken Richey, managing partner of Richey May.
