Silicon Valley Has Top Gain in Mortgage Originations - $377 billion in Q1 U.S. residential loan production | May 14, 2015

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Silicon Valley Has Top Gain in Mortgage Originations

$377 billion in Q1 U.S. residential loan production

May 14, 2015

By Mortgage Daily staff

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The latest estimate of residential loan originations during the first three months of this year had business slowing from the prior quarter. But business accelerated in Silicon Valley.

First-quarter 2015 mortgage production by all U.S. lenders came in at 1,551,865 home loans that were closed for $377 billion.

Total loan originations, which include refinancing and purchase financing, declined 1 percent from the fourth quarter of last year.

However, mortgage business improved by nearly a third compared to the first-quarter 2014.

RealtyTrac reported the data based on its analysis of recorded mortgages and deeds of trusts on residential properties.

The Irvine, California-based housing data provider's estimate of mortgage originations far exceeds other industry forecasts, which range from $288 billion to $330 billion.

Source	Q1 2015 Mortgage Originations
RealtyTrac	$377 billion
Fannie Mae	$321 Billion
Freddie Mac	$330 billion
Mortgage Bankers Association	$288 billion

First-quarter 2015 activity included 1,080,043 refinance transactions for almost $256 billion. Refinances were up 6 percent from three months earlier and 27 percent stronger than 12 months earlier.

"A dip in interest rates early in the year combined with lowered mortgage insurance premiums for FHA loans breathed some life back into the refinancing market in the first quarter," RealtyTrac Vice President Daren Blomquist said in the report.

Another 471,822 loans for $121 billion to finance home purchases were closed in the latest period, plunging 25 percent from the prior period and up less than a percent from the year-earlier quarter.

"The purchase loan market remained largely missing in action despite tepid growth from a year ago," Blomquist added. "The prime buying season still remains ahead, providing some hope that first-time home buyers and other traditional buyers relying on traditional financing will come out in the woodwork in greater numbers in the coming months."

Fannie Mae and Freddie Mac loans accounted for 995,968 of first-quarter 2015 transactions. Mortgages insured by the Federal Housing Administration made up 200,178, and loans insured by the Department of Veterans Affairs represented 99,555 loans.

First-quarter business additionally included 238,359 home-equity lines of credit.

San Jose, California, saw overall first-quarter 2015 originations jump 72 percent from a year earlier. The technology-heavy area's gain was the biggest among any metropolitan area with at least 500,000 people.

Originations in the San Diego area and Oxnard, California, were both up 64 percent from the first-quarter 2014.

After that was a 61 percent increase in the Palm Bay-Melbourne-Titusville, Florida, area and a 54 percent rise in the Boston area.

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