Although the dollar volume of quarterly purchase-money production has recently risen, the number of loans closed has fallen thanks to the lack of junior-lien utilization.
From April 1 through June 30 of this year, U.S. residential lenders generated $467 billion in first-lien mortgage originations — including refinances and purchase financing.
That represented a 20 percent improvement from the upwardly revised total for the first-quarter 2017. But mortgage bankers slowed production from the same three months last year last year by 16 percent.
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From:: Financing