Thursday, August 20, 2020 10:57:04 AM
August 20, 2020 - John Bancroft
Retail mortgage production was in the driver’s seat for the historic second-quarter surge in refinance activity, while correspondent lending platforms clearly took a back seat.
Retail originations, including consumer-direct platforms and branch-offices, jumped 47.5% from the first to the second quarter to an estimated $568 billion, according to a new Inside Mortgage Finance analysis.
That pushed the channel’s share of total first-lien originations to a record 65.7%.
In a nutshell, retail lenders gorged on refis: Roughly 62.8% of refi loans securitized by Fannie Mae, Freddie Mac and Ginnie Mae during the second quarter came through the channel. Fannie and Freddie saw a 160.5% jump in retail-generated refi business from the first to the second quarter.
(RKT $23.16 _+$1.75)
Quicken Loans remained the top retail lender by a wide margin, with an estimated $76.2 billion in volume during the first six months of 2020. For full details and exclusive tables on the channel breakdowns
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