Retail Held Steady in First-Quarter Origination Slump As Mortgage Lenders Cut Back on Wholesale Production
May 16, 2013
All three pistons in the mortgage origination engine slowed down during the first quarter of 2013, but retail production came closest to keeping the pace in a declining market, according to a new analysis and ranking by Inside Mortgage Finance. Lenders produced an estimated $310.0 billion in originations through retail offices, bank branches, call centers and online activities during the first three months of 2013. That was down 0.9 percent from the previous quarter, but because overall production slipped 4.8 percent, the retail share of the market surged to a record 62.0 percent. The wholesale channel both correspondent and broker accounted...[Includes four data charts]