DALLAS, May 21, 2015 /PRNewswire/ -- Although mortgage originations stand near the weakest level since the crisis, distressed loan ratios have significantly strengthened, according to data collected and reported by Mortgage Daily, a leading source of mortgage news and statistics.
Well before the bubble and subsequent crash, residential originations peaked out near $4 trillion in 2003.
Mortgage originations barely surpassed $1 trillion last year, -- the slowest since 2000.
This year, the sector is on pace to modestly exceed 2014.
Market share for Fannie Mae and Freddie Mac was less than 40 percent back in 2006. But their share now exceeds 60 percent.
The combined share of the Federal Housing Administration and the Department of Veterans Affairs has soared from less than 5 percent in 2007 to more than 20 percent currently.
Residential loans outstanding exceeded $11 trillion in 2007. But by 2012, the total was under $10 trillion. Outstandings are forecasted to climb past $10 trillion this year.
Delinquency of at least 30 days, excluding foreclosures, was running at less than 5 percent until 2007, when it jumped to nearly 6 percent and continued climbing -- ending 2009 above 9 percent.
Home loan performance has steadily improved since, with the 30-day rate tumbling to less than 6 percent as of March.
One of the most visible casualties of the Great Recession was the foreclosure crisis.
Prior to the recession, around 250,000 foreclosures were completed annually. But by 2010, the pace exceeded 1.1 million.
REO filings have steadily declined since, with fewer than 600,000 foreclosures completed in 2014.
Fewer than a half-million REO filings might be made this year based on the current pace.
Back in 2005, nonbank mortgage jobs exceeded 500,000. But by 2009, headcount had fallen below 300,000.
Nonbank mortgage jobs have since moderately bounced back.
Mortgage Daily estimates total mortgage industry staffing, including jobs at banks and credit unions, at around 570,600.
Full Q1 2015 report (complimentary for reporters):
http://www.MortgageDaily.com/stories/MortgageBusiness052115.asp?spcode=pr
Quarterly mortgage production by lender:
http://www.mortgagedaily.com/FundingsConforming.asp?spcode=pr
Mortgage origination news at:
http://www.mortgagedaily.com/Fundings.asp?spcode=pr
About Mortgage Daily
Founded in 1998 by 20-year mortgage industry veteran Sam Garcia, Mortgage Daily is a leading online source of mortgage news and mortgage statistics for the mortgage industry. Mortgage Daily also publishes the Mortgage Market Index, Mortgage Litigation Index, Mortgage Fraud Index and ranking of the biggest lenders. Visit Mortgage Daily at www.MortgageDaily.com.
CONTACT:
[email protected]
214.521.1300
SOURCE Mortgage Daily
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article