Although refinances were an albatross for last year’s first-lien loan originations, home-equity production moved higher. Home-equity assets were diminished, though.
From Jan. 1, 2017, through the end of last year, home lenders originated 7.27 million U.S. first mortgages. The total includes purchase financing and refinances.
That turned out to be 13.2 percent fewer first mortgages than were originated in all of 2016. Based on the decrease, 2016 first-mortgage production was approximately 8.38 million.
Source: Mortgage Daily