Although the volume of mortgages closed has fallen, the share that are considered subprime has inched higher. Home-equity originations have strengthened.
From Jan. 1, 2017, through Aug. 31, U.S. home lenders originated 4.85 million first mortgages that had an aggregate balance of $1.1749 trillion.
Based on the number of loans, originations were down 9.9 percent from the same seven-month period in 2016. The dollar volume of production retreated 10.8 percent.
Source: Mortgage Daily