saw purchase loan volume jump nearly 50 percent from the first quarter to the second quarter of 2017, resulting in record overall loan volume of $7.3 billion for the first half of 2017, up 7.1 percent from $6.8 billion in the same period of 2016.
Purchase loans reached $3.5 billion in the second quarter of 2017, a Guild record. The previous record was $3.1 billion in the third quarter of 2015. The total purchase loan volume for the first half of 2017 was $5.9 billion, up 23.1 percent from $4.8 billion in the same period of 2016. Purchase loans were 81 percent of all Guild loans in the first half of 2017, versus 70.5 percent in 2016. Guild created 32,209 new loans during the first half of 2017, up 5.9 percent from 30,254 in the 2016 period.
“MyMortgage helps us to streamline the mortgage process while providing each homebuyer with personalized service,” said Mary Ann McGarry, President and CEO of Guild Mortgage. “We are also seeing growing interest in our 1 Percent Down conventional loan program. When combined with a two percent grant from Guild, the homebuyer begins with three percent equity. The grant does not need to be repaid. As an entrepreneurial company, we are always searching for new ways to help first-time homebuyers achieve their goals.”
The top region for growth during the first half of 2017 was the Southeast (Georgia, Florida, Tennessee, Arkansas), with loan volume of $604.5 million, up 34 percent; followed by the Texas region, $501.8 million, up 25.2 percent; Colorado region, $507.2 million, up 17.4 percent; and the Southwest region (Arizona, New Mexico and Nevada), up 16.1 percent to $918.3 million.
Leading states for growing loan volume during the first half of 2017 were: Texas, up 88.9 percent to $721.1 million (this includes the addition of AmeriPro and its 25 offices in the second half of 2016); Arizona, up 20.7 percent to $367.4 million; Colorado, up 16.4 percent to $516.2 million; and Nevada, up 14.2 percent to $583.7 million.
During the first half of 2017, average loan size for all Guild loans was $228,445, up 1 percent from $225,874 in 2016. Regions with the biggest increase in average loan size were: Colorado, $245,975, up 17.4 percent; Northwest, $277,186, up 7.9 percent; Southwest, $218,903, up 4.4 percent; and Texas, $174,904, up 4.2 percent. The Hawaii region had the highest average loan size, at $403,859, during the first half, while the Southeast region had the lowest average, at $174,863.
As of June 30, 2017, the Guild portfolio included 172,615 loans, divided among conventional, 57.9 percent; FHA, 31.4 percent; and VA, 10.7 percent.