Data released Sept. 18 by the Federal Financial Institutions Examination Council showed that total loan originations increased 38 percent from 2011 to 2012 — an increase of 2.7 million loans, Mortgage News Daily reported.
During that same period, refinancings increased 54 percent and home purchase lending increased by 13 percent.
The FFIEC collected its data through the Home Mortgage Disclosure Act and included information on 15.3 million applications for home loans made through 7,400 banks, credit unions, mortgage companies and savings associations, Mortgage News Daily reported.
Data also showed that the Federal Housing Administration’s share of first mortgage lending increased from 5 percent in 2006 to a peak of 37 percent in 2009. By 2012, that share had dropped to 27 percent.
Loans guaranteed by the U.S. Department of Veterans Affairs increased from 2 percent in 2006 to 8 percent in 2011, and the number of VA loans went up by 11 percent from 2011 to 2012, though market share stayed the same at about 8 percent.
Mortgage News Daily reported that conventional lending made up 85 percent of all refinancing in 2012, with FHA and VA loans making up 9 and 6 percent, respectively. Conventional loans for refinancings increased 51 percent from 2011 to 2012, while those backed by the FHA increased 78 percent and those backed by VA increased 90 percent.
HMDA-covered institutions include those regulated by the Federal Deposit Insurance Corporation, the Federal Reserve, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau and the Department of Housing and Urban Development.
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