The mortgage market cranked up new originations significantly during the second quarter of 2015, lifting production to its highest level in nearly two years, according to a new analysis and ranking by Inside Mortgage Finance. Lenders produced an estimated $445 billion of first-lien single-family mortgages during the second quarter, an increase of 23.6 percent over the first three months of 2015. It marked the strongest origination volume since the second quarter of 2013, when the industry was in the middle of a refinance boom that generated over $2 trillion in new production over a 12-month period. The party this time around doesn’t look...[Includes two data tables]
A handful of nonbank lenders are stepping up to the plate, offering mortgages to borrowers who are just one day removed from a foreclosure or short sale. But there’s a catch: many of the lenders willing to extend such credit want at least 20 percent down. Also, as it turns out, the trend is being funded by commercial banks that are serving as the end investors in the product. Two banks – one in California and one in New York – were identified...
Originations of purchase mortgages were strong in the second quarter of 2015 and through the start of summer, according to industry participants. In recent months, demand for home purchases has been driven by current homeowners and first-time homebuyers, two groups that are particularly reliant on mortgage financing. “The purchase market has been stronger than people expected in the second quarter,” said Paul Miller, a managing director at FBR Capital Markets. Kevin Hester, chief lending officer at Home BancShares, said...
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