-
Agency Volume for 2016 Is 48 Percent in Early Going
Agency and non-agency/not sold mortgages were neck and neck in early HMDA reporting. The three main agencies had a little more than 48 percent of early reporter volumes in the 2016 Early Look reports on LendingPatterns™. Non-agency investors and held-in-portfolio share came to a little more than 51 percent. (Percentages refer to mortgage dollars, and…
-
Early HMDA Reporters Like Jumbos, Refis
It’s here! The Early Look report gives HMDA heads like me a chance to preview 2016 Home Mortgage Disclosure Act data in advance of the official fall release. What happens is, ComplianceTech asks firms that have filed their HMDA reports for 2016 to share them in advance. To date, more than 125 lenders have, and…
-
A Tale of Two Mortgage Cities, New York and Los Angeles
Whites received less than half the mortgages originated in the nation’s two most populous cities in 2015. According to data in LendingPatterns™, whites received about 46 percent of mortgages in New York City, the nation’s largest, and 49 percent in runner up Los Angeles that year. On the dollar side, whites received just 37 percent…
-
A Tale of Two More Mortgage Cities
The nation’s third and fourth most populous cities, Chicago and Houston, are similar in population (both between two and three million) and in the dollar volume of mortgages made in them in 2015 (Chicago $17.8 billion, Houston $17.1 billion, purchased mortgages not included). But there were many fewer loans made in Chicago, suggesting the average…
-
Mortgage Denials Tilted Toward Refis in 2015
Potential borrowers were more than twice as likely to see their applications for refinancing dollars denied in 2015 as apps for purchase finance. A look at LendingPatterns™ shows $280 billion of refi denials that year, with just $127 billion of requests for purchase money turned down. In all, $426 billion in denials was registered in…
-
Small Mortgage Lenders Saw Only a Small Piece of the Pie
It is a tale of two cities, the mortgage lenders with the most assets in 2015 compared to those in the smallest asset group. In my last blog I looked at the 107 lenders with more than $10 billion in assets. They made more than half a trillion dollars in home loans during that year,…
-
Big Mortgage Lenders Went for Jumbos in 2015
The 107 lenders at the top of the mortgage leader board in 2015, the ones with more than $10 billion in assets, made more than half a trillion dollars in home loans during that year (excluding purchased loans). And more than half of that was in jumbo mortgages. All told, these lenders extended $584 billion…
-
Nonprime Lenders Show Some Range
Nonprime lenders are an interesting group. They don’t always fund only nonprime loans. Their spreads on subordinate liens are actually a couple of basis points lower than those of prime lenders. And they fund a high percentage of manufactured housing. Nonprime lender volume fell off by 10 percent in 2015 from 2014, according to an…
-
Illinois Is a Conforming State
Illinois in some respects is quite similar to the last state I profiled, New York. Like the Empire State, Illinois has a huge urban center (Chicago) similar to New York City and a lot of non-urban areas comparable to “upstate” New York. But there are significant differences in their Home Mortgage Disclosure Act profiles. A…
-
New York Is the Home of the Million Dollar Jumbo
New York state had quite a high dollar volume of jumbo mortgages in 2015, Home Mortgage Disclosure Act data show. Of $80 billion in mortgage finance done in the Empire State (this analysis excludes mortgages purchased) during 2015, more than half went to jumbos. The $47 billion in jumbo lending was a hefty 58 percent…