Paci;c Rocky Mountain Midwest Southeast Southwest
2017 Re; Loan Volume of Lenders in Re; Rankings
Top Regions by Re; Loan Volume*
Source: Ask a Lender
*Based on data from the Best Re;nance Mortgage Lenders 2018 rankings
Southeast Mid-Atlantic Midwest Southwest
2017 Home Loan Volume of Lenders in First-Time Rankings
Top Regions by Home-Purchase Loan Volume*
Source: Ask a Lender
*Based on home-purchase data from the Best First-Time Homebuyer Lenders 2018 rankings
<< Meet the Best continued from Page 38
Lenders rankings than Illinois, but originated $250 million more in 2017 FHA volume
than the Illinois lenders on the list.
Four of the five top states for FHA volume are in the Western and Southwestern
regions. Regionally, the Southeast has the second-highest regional total ($3.58 billion),
placing it less than $1 billion dollars behind the Pacific Region and more than $1 billion
ahead of the Southwest Region. The Southeast Region (which includes eight states)
does have the second-highest number of lenders on the Best FHA Mortgage Lenders
rankings. Although at 18. 86 percent, it is less than a percentage point behind the
Pacific Region’s 19. 57 percent share.
The total volume of refinance loans originated by lenders on the Best Mortgage Refinance Lenders rankings was $26.57 billion, which is 4. 43 percent of the estimated
$600 billion in total refinance volume for 2017, as reported by the Mortgage Bankers
Association (MBA). The top five states by volume in the Best Mortgage Refinance
Lenders rankings are California ($8.49 billion), Illinois ($1.93 billion), Utah ($1.69 billion), Texas ($1.63 billion) and Colorado ($1.34 billion).
The interesting story here is the total dominance of California over the other states.
California’s refi volume is more than four times higher than that of No. 2 Illinois. Part
of the reason for this is that California has more than 2.6 times as many lenders on
the list as any other single state. Still, even though California accounts for almost
32 percent of the total refi volume on the list, it only has 20 percent of the total lenders,
so something else is contributing to the state’s dominance in refi lending.
California’s refi dominance at the state level also means that the Pacific Region
dominates in refi lending by volume as well. The Pacific Region’s $10.02 billion dollars
in refi volume accounts for almost 38 percent of the total volume on the Best Refi
Mortgage Lender list and is almost $7 billion more than the next largest regional total.
The Rocky Mountain Region has the second largest total, at $3.06 billion, but just
barely edges out the Midwest, which had a strong showing in the refi category
with $2.95 billion in volume. Interestingly, both the Rocky Mountain Region and the
Midwest Region have 13. 23 percent of the lenders on the Best Mortgage Refinance
Lenders rankings, while the Pacific juggernaut has 28. 48 percent of the lenders.
First-time homebuyer data
The total home-purchase loan volume of all lenders on the Best First-Time Homebuyer Lenders rankings, which is one of the largest lists in the Meet the Best rankings, was $98.13 billion, which represents 8. 92 percent of the estimated $1.1 trillion
in total purchase volume for 2017, as reported by the MBA. The top five states by
home-purchase loan volume in the Best First-Time Homebuyer Lenders rankings
are California ($13.52 billion), Texas ($8.68 billion), Florida ($6.01 billion), Illinois
($5.84 billion) and Washington state ($5.54 billion).
There are very few surprises in the state-based home-purchase volume data, other than the inclusion of Washington state, which hovers in the top 10 on most rankings and finally breaks into the top five with this one. Regionally, however, the Best
First-Time Homebuyer Lenders rankings once again show the growing strength of
the Southeast housing market.
By volume, the Southeast Region comes in second, at $16.51 billion in total
home-purchase loan volume, compared to $20.3 billion for the Pacific Region.
The Southeast has a higher percentage of lenders on the Best First-Time Homebuyer
Lenders rankings, however, with 19. 21 percent compared to the Pacific’s 18. 46 percent. In addition, Southeast lenders on the rankings originated 73,903 loans in 2017
compared to just 60,315 loans originated by Pacific Region lenders on the rankings.
n n n
Congratulations to all of the lenders on all nine of Ask a Lender’s new Meet the Best
lender rankings, as well as those who appear on the original Best Mortgage Lenders
2018 rankings. The complete set of 10 Meet the Best rankings, which can be searched
by city and state, is available now at www.askalender.com/ TheBest. n