Banks, which had been losing some of their mortgage market share to credit unions over the past couple of quarters, took some of it back.
From the period that started on Jan. 1 and ended on March 31 of this year, U.S. mortgage lenders originated an estimated
$354 billion.
Home lending activity slowed compared to the fourth quarter of last year, a period that saw an estimated $375 billion in mortgage production.
Residential originations also descended from the first quarter of last year, when mortgage production came in at an estimated $395 billion. The year-earlier total was revised up from $345 billion originally reported.
Banks were responsible for $152 billion of the first-quarter 2016 total, according to data supplied by the Federal Deposit Insurance Corp.
Home lending at banks retreated from $157 billion three months earlier and $174 billion one year earlier.
The most-recent bank total consisted of $78 billion in retail production and $74 billion in wholesale lending.
Credit union originations accounted for $33 billion of the latest total, Callahan & Associates reported.
Volume at credit unions declined from $38 billion in the fourth-quarter 2015 but edged up from $31 billion in the first-quarter 2015.
First-quarter 2016 credit union volume consisted of $27 billion in first mortgage originations and $6 billion in other real estate lending.
A graph provided by the Conference of State Bank Supervisors indicates that non-bank mortgage originations amounted to around $169 billion during the three months ended March 31, 2016.
Non-bank production moved down from $180 billion in the final-three months of 2015 and $190 billion in the first-three months of 2015.
Purchase financing represented roughly $83 billion of the first-quarter 2016 non-bank total, while refinances accounted for around $81 billion and home-improvement lending made up
approximately $5 billion.
Mortgage market share at banks — which had declined each of the prior two quarters — increased
to 43 percent in the first quarter of this year from 42 percent in the final quarter of last year.
At the same time, credit union share —
which widened each of the previous three quarters — was cut to 9 percent from 10 percent in the fourth-quarter 2015.
There was no quarter-over-quarter change in the 48 percent mortgage market share at non-banks lenders.
