Reports of mortgage production continue to roll in — with some home lenders achieving new milestones, ranking at the top of their local markets or giving up on the business.
During the 12 months ended
June 30, there were 1.5 million purchase-money mortgages closed where the borrower made a less than 10 percent down payment.
The share of low-down-payment loans was the highest in seven years. The widening of the share followed four consecutive years of diminishing high-loan-to-value share.
But Black Knight Financial Services, which reported the findings, noted that unlike pre-crisis low-down-payment mortgages, today’s loans are being made to borrowers with good income and credit. Also, just a first mortgage is used today, whereas pre-crisis transactions often utilized a second mortgage. In addition, many of the earlier loans were adjustable-rate mortgages — something that is nonexistent in today’s high-loan-to-value market.
During the 24 months since launching in April 2015, Newfi Lending closed more than $1 billion in home loans, a July 26 news release stated. Business was generated through its direct-to-consumer and wholesale lending channels. Operations are expected to expand from nine states to more than 20 by the end of this year.
Last year,
Top Vine Mortgage Services LLC closed 300 loans for more than $0.095 billion — making it the fifth-biggest mortgage broker in New Jersey, an Aug. 17 statement said.
Stratford, Connecticut-based Sikorsky Credit Union reported that with more than $0.086 billion in residential loan production during 2016, it ranked as the biggest credit union home lender in the Connecticut counties of Fairfield and New Haven based on The Warren Group’s Residential Mortgage Marketshare Report for 2016.
Single-family loan production at Danvers, Massachusetts-based Mortgage Network Inc. totaled around $3 billion last year, a recent article from Bloomberg said.
Lincolnshire, Illinois-based
InterFirst Mortgage’s originations peaked out at $14.1 billion in 2012, according to Crain Communication Inc. Volume at the wholesale lender, which is closing down, fell to $10 billion the following year, $5 billion in 2014, $3 billion a year later and just $2 billion during 2016.
An Inside Mortgage Finance report indicated that during the first quarter of this year, wholesale mortgage originations totaled $1.8 billion at Stearns Lending LLC, $1.4 billion at Union Bank, $1.0 billion at Provident Funding Associates, $1.0 billion at Franklin American Mortgage and $0.9 billion at CMG Mortgage.
Refinance production during the second-quarter 2017 at Provident Bank was down by more than half from its peak in the third-quarter 2016, when refinance volume was $0.382 billion and refinance share was 58.0 percent, another Inside Mortgage Finance report said.
