Mortgage production in the Golden State last year ascended to the highest level in nine years. Broker originations, though, were mixed.
During 2015, there were 537,757 home loans originated for $179.3 billion by mortgage companies licensed in the state of California.
It was the strongest year of mortgage production since 2006, when 881,348 residential loans were originated for $254.8 billion.
The California Department of Business Oversight revealed the statistics in its 2015 Annual Report Operation of Lenders and Servicers Licensed under the California Residential Mortgage Lending Act.
Data was based on annual reports from 393 state-licensed mortgage lenders and servicers, though a total of 399 companies were licensed.
Mortgage production in the state was significantly higher than in 2014, when 365,045 loans were funded for $114.5 billion.
Last year, there were 11,986 mortgages brokered for $4.9 billion. In 2014, the total was 10,434 loans for $5.6 billion.
Adjustable-rate mortgages were originated by 143 licensees, while 64 arranged ARM products.
ARM production was 15,869 loans for $7.7 billion and included $1.7 billion in loans kept in loan portfolios and $6.0 billion sold to investors.
As of 2015, other non-traditional mortgage products were originated by 68 companies, while 48 licensees arranged such loans.
Non-traditional mortgage production during 2015
included 630 interest-only mortgages for $0.5 billion, four payment-option ARMs for less than $0.1 billion and 4,518 reduced-documentation loans for $1.4 billion.
Also included in the non-traditional category were
8,387 simultaneous second liens for $0.9 billion, 1,456 home-equity lines of credit for $0.3 billion and 5,746 covered loans for $1.6 billion.
Last year’s loans serviced averaged $766.2 billion.
The state’s collective average servicing portfolio was $713.1 billion in 2014.
Branch count finished last year at 4,858.
There were 27,408 mortgage loan originators licensed as of Dec. 31, 2015. The count was up from 24,912 a year earlier.
