continued setting records during the second quarter and first half of 2018, with growth occurring in several markets across the U.S.
Total volume for the quarter ended June 30, 2018 reached $4.89 billion, up 15.3 percent from $4.23 billion in the second quarter of 2017, and topped the previous record of $4.39 billion in the third quarter of 2017. Purchase loans reached $4.24 billion in the second quarter of 2018, up 19.9 percent from $3.54 billion in the same period last year. Purchase loans represented 87.7 percent of all loans in the second quarter of 2018, up 3.9 percent from 83.8 percent in the 2017 period.
Guild outpaced the industry during the first half. According to the latest estimates from Fannie Mae, industry-wide origination volume in the first half of 2018 was 5.6 percent lower than the first half of 2017. Purchase transactions accounted for 71 percent of loans closed in June, according to Ellie Mae, up from 68 percent a year ago and 70 percent in May.
“We are finding more ways to serve homebuyers,” said Mary Ann McGarry, Guild Mortgage President and CEO. “Our customer-service culture means offering a wider array of loan options than ever before and taking extra time to find what’s right for each customer. Processing is enhanced through our MyMortgage digital platform and other high-tech, high-touch services. These approaches are helping us grow market share in new communities and in our traditional markets and attract new talent to support future growth.”
The strong second quarter resulted in Guild achieving record total volume for the first half of 2018–$8.34 billion, up 14.7 percent from $7.27 billion in the 2017 period. Purchase loans for the first half of 2018 reached $7.0 billion, up 18.8 percent from $5.9 billion, and represented 84.1 percent of all loans, up 3.5 percent from 81.3 percent in the first half of 2017.
Guild refinance business totaled $626.8 million in the second quarter of 2018, down 8.4 percent from $684.5 million in the 2017 quarter. First half refinance business was $1.3 billion in the 2018 period, down 3.2 percent from $1.36 billion in the previous year period.
The average loan size during the first six months of 2018 reached $236,617, up 3.9 percent from $227,837 in the first half of 2017.