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These Are The Mortgage Lenders That Dominated Refinances In 2020


Inman Connect
In order to survive the year lenders just came through, they were forced to dominate 2020 mortgage refinances to meet the boom brought on by low interest rates. 
While purchase originations were up, driven by an unprecedented demand for new homes, refinances were the product that truly dominated mortgage lending in 2020. The refinancing share of total originations by dollar volume increased to 55 percent in 2020 from 34 percent in 2019, according to the Mortgage Bankers Association’s Annual Mortgage Bankers Performance Report.
For the mortgage industry as a whole, the MBA estimates production volume at $3.83 trillion in 2020 – the highest annual volume ever reported and up significantly from $2.25 trillion in 2019. ....

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Independent Mortgage Banks Made More Money Than Ever In 2020


Inman Connect
Profits are at all-time highs across mortgage lending, and independent mortgage banks and mortgage subsidiaries of chartered banks reported their highest profits ever in 2020. 
Independent mortgage banks, or IMBs, made an average profit of $4,202 on each loan they originated in 2020, up 185.85 percent from $1,470 per loan in 2019, according to the Mortgage Bankers Association’s Annual Mortgage Bankers Performance Report.
“2020 was a banner year for the mortgage industry, despite the COVID-19 global health crisis essentially shutting down the U.S. economy in March and forcing personnel into remote work environments,” said Marina Walsh, MBA vice president of industry analysis. “A surge in housing and mortgage demand, record-low mortgage rates, and widening credit spreads translated into soaring net production profits that reached their highest levels since the inception of MBA’s annual report in 2008.” ....

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