Skip to main content

Refis Account For More Than Half Of Q1 Home Loans

Navi Persaud
May 22, 2020
Photo credit: Getty Images/nuiiko

The 2020 U.S. Residential Property Mortgage Origination Report from ATTOM Data Solutions finds that residential mortgage refinances were responsible for more than half of home loans in the first quarter of 2020. ATTOM's report stated that 1.07 million residential refinance mortgages were originated in the first quarter of 2020. While that figure is a 16% decrease from Q4 of 2019, it represents an 87% increase from Q1 of 2019.
 
According to ATTOM, the increase is tied to the series of low rates that have driven an estimated $328.5 billion in total volume for the first quarter, a 105% increase from Q1 2019.
 
"Home-loan data was way up again in the first quarter of the year, with refinancing activity again accounting for more than half the total volume of mortgages. The number and dollar value of home loans marked yet another sign of the how charged up the U.S. housing market continued to be in the early months of the year when everything was still pointing in the right direction," said Todd Teta, chief product officer at ATTOM Data Solutions. "Unfortunately, that is all uncertain now due to the economic fallout from the virus pandemic that could throw the market into a downturn. But at least the market heads that uncertainty with some of the strongest home loans–and by extension, overall market–numbers since the aftermath of the last recession."
 
The report revealed that refinances increased in some of the largest metros like New York, Los Angeles and Chicago. In addition, purchase mortgage originations are up 13% from a year ago, HELOC originations fell 11% from a year ago and Federal Housing Administration loans dipped 4%.
 
Actions taken earlier this week by the Federal Housing Finance Agency will now allow Fannie Mae and Freddie Mac borrowers in forbearance to apply for refinancing and new purchase mortgages once their loans are current, this waiving a previous mandatory wait of 12 months, a move that will allow faster access to the latest record-low rates.
 
Click here to read ATTOM's full 2020 U.S. Residential Property Mortgage Origination Report. 
The 2020 U.S. Residential Property Mortgage Origination Report from ATTOM Data Solutions has found that residential mortgage refinances were responsible for more than half of home loans in the first quarter of 2020
 
Published
May 22, 2020
Evergrande Steadily Repays Debt While Taking On New Risk

Evergrande Chairman Hui Ka Yan has ambitious plans, signaling last Friday that the firm wants to move away from housing and focus on making electric cars. 

Industry News
Oct 26, 2021
Planet Home Lending Reports Q3 Gains In Asset Management, Servicing And Originations

The Planet Home Financial Group, LLC, parent company of Planet Home Lending, LLC and Planet Management Group, LLC reported steady growth across its servicing, correspondent and private-client channels.

Industry News
Oct 26, 2021
CFPB, DOJ And OCC Hit Trustmark National Bank For 'Deliberate' Redlining

The Consumer Financial Protection Bureau and U.S. Department of Justice, in conjunction with the Office of the Comptroller of the Currency are taking action against Trustmark National Bank for alleged redlining violations.

Industry News
Oct 25, 2021
Reports: Evergrande Group Makes $83.5M Interest Payment

Faltering Chinese development firm fends off default with payment to international bondholders.

Industry News
Oct 22, 2021
FAR Establishes Borrower Engagement Division

Finance of America Reverse LLC announced its formally established Borrower Engagement Division.

Industry News
Oct 22, 2021
Automating Appraisals No Panacea For Removing Bias

With racism 'grandfathered in' to housing prices in minority neighborhoods, a solution to 'unconscious bias' is difficult to find

Industry News
Oct 21, 2021