Originations down as refinance loans slump

by Steve Randall15 Mar 2018

Residential refinance loans tumbled in the fourth quarter of 2017, dragging the overall level of originations down by a fifth.

ATTOM Data Solutions says that overall residential home loan originations dropped 19% year-over-year and 20% quarter-over-quarter with a total of 818,158 originations.

Purchase loans made up 791,637 of the total but that was down 22% from the previous quarter and down 1% from Q4, 2016. Refinance loans were down 17% quarter-over-quarter and down 34% year-over-year.

HELOCs were also down, by 25% from a 9-year high in Q3 2017 and down 7% year-over-year to a total 293,570.

"The falloff in refinance originations continued for the third straight quarter, but purchase originations held steady compared to a year ago despite ballooning down payment amounts that make it more difficult for first-time homebuyers to compete — as evidenced by the three-year low in the share of FHA buyers," said Daren Blomquist, senior vice president at ATTOM Data Solutions.

He added that a 12% rise in construction loans in the quarter (29,357) shows that – even taking rebuilding in Texas and Florida following the hurricanes -  more homeowners are choosing to stay in their existing homes and remodel as mortgage rates rise.

Down payments are getting bigger
The report shows that the median down payment in the fourth quarter of 2017 increased by 20% compared to a year earlier. But at $18,000 it was down from the previous quarter’s record high of $19,100.

The share of FHAs in the quarter was down to a 3-year low of 12% of all loans originated. That compares to 12.9% in Q3 2017 and 12.3% in Q4 2016.

Top loan originators for 2017

The table below shows the top 16 mortgage originators in 2017 based on dollar volume of loans. This includes all lenders with at least $10 billion in total loan origination volume for the year.

 

Number of Residential Loans in 2017

Dollar Volume

Lender

Purchase

Refi

Grand Total

Purchase

Refi

Total

Wells Fargo

100,485

145,158

245,643

$40,121,731,533

$40,290,454,380

$80,412,185,913

Quicken Loans

76,012

213,337

289,349

$18,001,750,030

$46,528,129,721

$64,529,879,751

Chase Bank

41,044

82,136

123,180

$17,220,089,771

$23,833,616,199

$41,053,705,969

Bank of America

33,397

49,119

82,516

$16,237,197,861

$17,674,000,737

$33,911,198,598

Caliber Home Loans

57,835

27,218

85,053

$16,156,218,534

$7,669,143,958

$23,825,362,491

LoanDepot

23,987

64,451

88,438

$7,457,287,764

$15,973,780,207

$23,431,067,971

United Wholesale Mortgage

43,658

32,174

75,832

$12,111,744,067

$9,414,773,899

$21,526,517,966

US Bank

21,414

33,072

54,486

$7,122,254,762

$9,792,142,102

$16,914,396,864

Fairway

48,894

13,015

61,909

$12,182,481,158

$3,463,672,285

$15,646,153,443

Guaranteed Rate

35,284

13,614

48,898

$10,865,731,846

$4,373,120,993

$15,238,852,839

Finance of America

27,809

15,989

43,798

$8,017,288,752

$5,682,991,965

$13,700,280,717

Navy FCU

25,402

19,495

44,897

$7,292,909,374

$5,021,614,974

$12,314,524,348

Guild Mortgage

34,321

10,558

44,879

$9,018,556,214

$2,684,348,666

$11,702,904,880

Freedom Mortgage

13,162

37,781

50,943

$3,182,783,337

$7,985,655,820

$11,168,439,157

USAA

29,207

16,075

45,282

$7,489,687,931

$3,470,130,767

$10,959,818,697

Prime Lending

32,126

9,010

41,136

$7,912,031,508

$2,327,450,669

$10,239,482,178


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