Guild Mortgage, one of the largest independent mortgage bankers in the U.S., has reported increases in purchase loan volume, a substantial jump in refinancing and a trend toward larger loans being issued through the first nine months of 2016. Total loan volume reached $11.6 billion in the first nine months of 2016, up 8.2 percent from $10.7 billion in the same period in 2015. The average loan size was $231,923 in the third quarter of 2016, up 7.1 percent from the 2015 third quarter.
Purchase loans totaled $7.9 billion in the first nine months of 2016, or 68.4 percent of all loans, and up 4.9 percent from the previous year period. Continued low interest rates contributed to a strong nine months for refinanced loans, reaching $3.7 billion, up 16.0 percent from $3.2 billion in the 2015 period.
Guild continues to grow its servicing business, with $27.9 billion and 146,026 loans serviced as of Sept. 30, 2016, up 34.1 percent from $20.8 billion and 115,005 in the same period in 2015. Guild will achieve a new record in servicing volume for the year, exceeding the $22.3 billion in 2015, which was up 34 percent from $16.6 billion in 2014.
This year’s growth continues a trend started in 2010. Loan volume has more than tripled from $4.1 billion in 2010 when Guild operated from 75 branches in 16 states to $13.8 billion in 2015, with 234 branches in 25 states.
“A key to our continued growth has been how well our loan professionals are connecting in the communities they serve and closing loans faster than the industry averages,” said Mary Ann McGarry, president and CEO of Guild Mortgage. “As a result, our customer satisfaction scores are at record levels throughout the U.S. This customer service culture will be more important in coming months as interest rates rise and we need to offer homebuyers more options.”
