Quarterly home-lending actually moved higher on a year-over-year basis. Over that same period, non-banks have given up market share to banks.
Single-family loan originators generated $416 billion in mortgage production during the first quarter of this year, according to an estimate from Mortgage Daily.
Business, which was generated by non-bank mortgage firms and financial institutions, descended from the previous quarter when an upwardly revised $502 billion was closed.
But the country’s mortgage production improved from an upwardly revised $390 billion originated in the first-three months of last year.
Data provided to Mortgage Daily from the Federal Deposit Insurance Corp. indicate that banks accounted for $175 billion of the latest total. Bank originations consisted of $62 billion in retail production and $113 billion in wholesale lending.
Callahan & Associates reported to Mortgage Daily that credit union real estate lending totaled $38 billion during the first quarter of this year. Credit union activity was comprised of $31 billion in first mortgages and $8 billion in other real estate loans.
Non-bank state-licensed loan originators were responsible for $203 billion of production during the first-three months of this year, the Conference of State Bank Supervisors reported. Included in the non-bank total were $5 billion in home-improvement loans, $73 billion in refinances, $122 billion in purchase financing and $3 billion in reverse mortgages.
Although banks’ mortgage market share fell to just under 42 percent in the first-quarter 2018 from just over 42 percent in the final-three months of last year, bank share was more broad than 39 percent in the first-quarter 2017.
Credit union share of the real estate finance market has fallen to 9 percent from 10 percent in the year-earlier period.
At non-bank mortgage originators, mortgage market share has declined to just under half from just over half in the first quarter of last year.
