Residential Loan Originations in U.S. Dip 6 Percent from Previous Quarter

Metro areas with a population of at least 500,000 and the biggest increase in loan originations from a year ago were San Jose (up 72 percent), San Diego (up 64 percent), Oxnard-Thousand Oaks-Ventura, California (up 64 percent), Palm Bay-Melbourne-Titusville, Florida (up 61 percent), and Boston (up 54 percent).

Other major markets among the top 20 for biggest year-over-year increase in loan originations included Salt Lake City (up 53 percent), San Francisco (up 49 percent), Los Angeles (up 48 percent), Denver (up 44 percent), Seattle (up 40 percent), Portland (up 39 percent), Bridgeport, Connecticut (up 38 percent), and Richmond, Virginia (up 35 percent).

Markets with biggest increases in purchase loan originations in Florida, Ohio, Missouri

Metro areas with a population of at least 500,000 and the biggest increase in purchase loan originations from a year ago were Palm Bay-Melbourne-Titusville, Florida (up 72 percent), Dayton, Ohio (up 62 percent), Toledo, Ohio (up 36 percent), Tampa (up 32 percent), and Kansas City (up 32 percent).

Other major markets among the top 20 for biggest year-over-year increase in purchase loan originations from a year ago included Salt Lake City (up 18 percent), Orlando (up 17 percent), Atlanta (up 15 percent), Jacksonville, Florida (up 14 percent), St. Louis (up 13 percent), Miami (up 13 percent) and Phoenix (up 13 percent).

Loan origination increase led by VA, HELOC and FHA 

There were a total of 995,968 conventional loan originations (backed by Fannie and Freddie) in the first quarter, representing 64.2 percent of all loan originations. Conventional loan originations decreased 5 percent from the previous quarter but were up 13 percent from a year ago. Conventional purchase loan originations in the first quarter decreased 27 percent from the previous quarter and were down 2 percent from a year ago, while conventional refinance originations increased 10 percent from the previous quarter and were up 21 percent from a year ago.

There were a total of 200,178 FHA loan originations in the first quarter, representing 12.9 percent of all loan originations. FHA loan originations increased 4 percent from the previous quarter and were up 18 percent from a year ago. FHA purchase loan originations in the first quarter decreased 19 percent from the previous quarter but were still up 5 percent from a year ago, while FHA refinance loan originations jumped 34 percent from the previous quarter and were up 30 percent from a year ago.

There were a total of 99,555 Veterans Administration loans originated in the first quarter, representing 6.4 percent of all loan originations. VA loan originations in the first quarter were down 5 percent from the previous quarter but up 57 percent from a year ago. VA purchase loan originations in the first quarter decreased 25 percent from the previous quarter but were still up 4 percent from a year ago, while VA refinance originations increased 12 percent from the previous quarter and were up 119 percent from a year ago.

There were a total of 238,359 Home Equity Lines of Credit originated in the first quarter, representing 15.4 percent of all loan originations. HELOC originations were down 17 percent from the previous quarter but still increased 32 percent from a year ago.