Agency Condo Market: 2018 (PDF)

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Condominiums and cooperatives are an affordable homeownership option for many segments of the market, and lending for the purchase or refinance of condos and co-ops is a large portion of originations in many parts of the country. In 2018, such lending made up 38.7% of agency sales in Washington, D.C., almost one-third (31.3%) in Hawaii and approximately one of every seven agency loans made in Illinois, Massachusetts and Michigan. Nationwide, agency condo mortgages amounted to a $74.24 billion business.

Similarly, for some lenders it is a large business source. Case in point: Condo lending made up 69.2% of Honolulu-based Central Pacific Bank’s FHA loans and 45.7% of its sales to Fannie Mae and Freddie Mac in 2018, for a total of $78.40 million in originations. And for some smaller lenders, condo lending comprises 100% of GSE sales. Plus, business can be lucrative regardless of loan purpose: Quicken Loans, for example, sold almost as many condo/co-op refis ($2.26 billion) to the GSEs as purchase loans ($2.34 billion) in 2018.

Learn the particulars about condo originations at thousands of mortgage lenders — from the big national players like Wells Fargo and loanDepot to smaller regional lenders — in IMF’s Agency Condo Market: 2018. Use the data in this report to discover where you might step up your own condo lending activity to boost your originations.

You’ll find charts detailing:

• Lender-by-lender sales of condo and co-op mortgages to the government-sponsored enterprises for 1,394 lenders. The charts provide total volume, volume sold to each GSE, volume by loan purpose, market share, and the ratio of condo sales to the lender’s total GSE sales.
• Lender-by-lender originations of FHA condo mortgages for 897 lenders. The charts provide total volume; volume by loan purpose, with conventional refinance and FHA refinance as separate numbers; market share; and ratio to total FHA business.
• State-by-state activity. This chart includes total volume; volume sold to GSEs; volume endorsed by FHA; volume by loan purpose; market share; and ratio to total agency sales.