Monday, July 20, 2009

Mortgage Nostalgia, Miami Style

Click Chart for Larger View and More Statistics

Looking back four years ago, the market share data report shown above describes conventional purchase mortgages in Miami metropolitan area from April 2005 through June 2005. This was a peak time in the housing boom and a peak time for sub prime. It was a great time to be a mortgage originator.
The lender names in the report are almost a list of who headed to the graveyard. Eight of these companies are no longer in business. Two of the four leading lenders merged into mega lenders.
Note some ratios such as adjustable rate mortgages to total originations or the proportion of high loan to value mortgages. Today, most mortgage markets rarely show high incidences of adjustable rate mortgages or high loan to value ratios.

Tuesday, July 14, 2009

Jumbo Size FHA Mortgages

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The chart above shows the monthly number of FHA mortgage originations having mortgage loan amounts of $417,000 and over(referred to as "jumbo FHA mortgages"). Several Observations:

  • FHA is grabbing a larger share of the jumbo mortgage segment of the market.
  • FHA jumbo refinance mortgages are outpacing FHA purchase mortgages
  • The average mortgage for these jumbo FHA mortgages are now over $500,000
  • The jumbo FHA are in the higher priced metropolitan areas and counties.
  • The top 5 counties in the nation for FHA jumbo mortgages in 2009 are; 1) Los Angeles, CA; 2) Orange, CA; 3) San Diego, CA; 4) Kings (Brooklyn), NY; and 5) Queens, NY
  • The county having the highest average jumbo FHA purchase mortgage was Marin, California ($595,000)
  • The County having the highest average jumbo FHA refinance mortgage was Hunterdon, NJ ($448,000)

A one percent loan origination fee is not so bad after all!

Thursday, July 9, 2009

DAS Acquisition Leads Missouri's FHA VA Mortgage Market

The report above display FHA and VA mortgage lending in Missouri for 2009 through May. DAS Acquisition Company, LLC, owner of USA Mortgage obtained a 5.14% market share with 1,263 purchase and refinance mortgage originations in 2009. DAS Acquisition's FHAVA mortgage amounts total nearly $192 million this year. Countrywide Home Loans trails DAS Acquisition by $50 million with these mortgage products. Refinance mortgages originated by DAS Acquisition were out pacing purchase money mortgage originations by more than two to one.

DAS Acquisitions has eleven branch offices in Missouri. Most of their FHA and VA loan originations were found in St. Louis, St Charles, and Jefferson Counties.
Way to go!

Thursday, July 2, 2009

New Record on FHA Refinance Mortgages in May

The chart shows monthly number of FHA refinance mortgage originations.

Click on Chart for Larger View and More Statistics

FHA refinance mortgage originations reached a new monthly high in May. May also represents the sixth consecutive month of increases in the number of FHA refinance transactions. There were 83,458 FHA refinance mortgages in May and the total loan amounts were 16.48 billion dollars. This represents a 68 percent increase in the number of FHA refinance origination over the prior year. In May of 2008, there were 49,680 FHA refinance mortgages and a total refinance loan amount of 8.85 billion dollars. In April of this year there were 81,078 FHA refinance mortgages with total loan amounts of 15.79 billion dollars. The monthly increase over April 2009 was 3 percent.

FHA loan products gives mortgage lenders something to do!

Wednesday, July 1, 2009

Equity Source Home Loans is the leading FHA VA Refi Mortgage Lender in NJ

Equity Source Home Loans of Morganville, NJ, is the leading lender in New Jersey for FHA and VA refinance mortgages.

Click Report for Larger View and More Data

The report above display FHA and VA mortgage lending in New Jersey for 2009 through April. Equity Source HL obtained a 6.89% market share with 896 refinance mortgage originations in 2009. This places Equity Source HL well ahead of Countrywide (now part of Bank of America) which had a market share of 4.38% with 616 FHA VA refinance mortgages in New Jersey.

Equity Source has 13 branch offices in New Jersey. The area of highest concentration of Equity Source's mortgage originations were found in Ocean County, New Jersey.