CoreLogic's Molly Boesel lists the six essential takeaways from the 2015 federal Home Mortgage Disclosure Act (HDMA) numbers, which lined up closely with CoreLogic's estimate of total home loan origination last year ($1.64 trillion versus $1.69 trillion).
According the new numbers, the refinance share of first-lien mortgage originations jumped to 47% in 2015 from 40% in 2014, reflecting the lower fixed mortgage rates in 2015. Independent mortgage companies continue to show strength at the expense of banks. Additionally, twelve of the top 25 originators in 2015 were independent mortgage firms, and these originators led all types of lenders with a 44% market share of originations.
The average loan size for purchases and refinances combined increased by 5% in 2015. The average loan amount for purchases increased 4.1% year over year from $231,000 in 2014 to $240,000 in 2015, while the average refinance loan rose 6.4% from $225,000 to $239,000.