A newly released report indicates that mortgage production last year rose 15 percent from the previous year. Leading the gain was refinancing activity.
Home lenders originated nearly 8 million residential loans for nearly $2 trillion during the period beginning on Jan. 1, 2016, and concluding on Dec. 31, 2016.
Industry-wide mortgage production moved up compared to the preceding year, when single-family loan originations came to an estimated 7.3 million loans for $1.7 trillion.
Source: Mortgage Daily