Top Regions Include Mountain, Southwest, Northwest, Colorado;
Average Loan Sizes Surge in Several States
SAN DIEGO – Guild Mortgage, one of the largest mortgage lenders in the U.S., had its strongest first quarter in history, with loan volume of $3.49 billion for the period ended March 31, 2018, up 13.6 percent from $3.07 billion in the first quarter of 2017. Its servicing volume reached a record $40 billion, up 26.6 percent from the 2017 period.
Guild continued its momentum after setting records in purchase loan and servicing volumes for 2017, while reaching near-record overall loan volume of $15.94 billion for the year. That total was off less than 1 percent from its loan volume of $15.96 billion in 2016. Industrywide, U.S. mortgage originations were estimated to drop 16.6 percent to $1.7 trillion in 2017, down from $2.1 trillion in 2016, according to data from the Mortgage Bankers Association (MBA).
During the first quarter of 2018, Guild purchase loan volume reached $2.77 billion, up 16.9 percent from $2.37 billion in the first quarter of 2017. Purchase loans represented 80.1 percent of volume during the first quarter of 2018, up from 78.0 percent in the 2017 period. The refinance business recorded a small gain, up 2.4 percent to $693 million from $677 million. The average loan size reached $238,748, up 6.4 percent from $224,412.
Mary Ann McGarry, president and CEO, said Guild enjoyed growth in regions with the highest average loan size and the lowest.
“The unifying factor is our ability to offer a wide range of products to ensure customers have the best options for their individual needs and situation,” McGarry said. “This personal touch has contributed to our continued success in helping first-time homebuyers across the country. We see this as a growing market as more millennials begin exploring homeownership instead of renting. We are making it easier for them, too, with our MyMortgage digital platform and other high-tech, high-touch offerings.”
The Northwest recorded the largest loan volume of all 11 Guild regions at $526.5 million, up 22.6 percent from the 2017 period. It was followed by: Southwest, $487.5 million, up 27.4 percent; Oregon, $422.3 million, up 1.9 percent; Northern California, $330.2 million, up 14.2 percent; and the Southeast, $290.6 million, up 11.6 percent.
Hawaii recorded the highest average loan size in the first quarter, at $417,296. Top loan sizes in the mainland regions were: Northern California, $308,913, up 14.3 percent from the first quarter of 2017; Northwest, $307,369, up 14.8 percent; Southern California, $299,163, up 7.6 percent; and Oregon, $271,373, up 2.9 percent. Lowest average loans were: Texas, $175,683, up 1.6 percent; the Southeast, $177,819, up 1.4 percent; and the Southwest, $223,296, up 5 percent.
The West also continued to be strong for Guild. Of the top 10 states served by Guild during the first quarter of 2018, top loan volume growth came in: Idaho, up 39.1 percent to $129.6 million from the 2017 period; Colorado, up 23.1 percent to $250.7 million; Washington, up 22 percent to $597.2 million; Nevada, up 21.5 percent to $292.9 million; South Carolina, up 15.6 percent to $149.9 million; and Texas, up 12.6 percent to $344.6 million.
A top-10 national lender by purchase loan volume, Guild offers first-time homebuyers a wide range of loan options and personalized service. Its loan professionals can serve the needs of any homebuyer, from helping first-time homebuyers achieve homeownership, often through government loan programs, to homebuyers looking to upgrade with a jumbo loan. Guild also specializes in helping active duty and retired military personnel to secure VA loans, with 100 percent financing and flexible qualifying standards.
About Guild Mortgage
Founded in 1960 when the modern U.S. mortgage industry was just forming, Guild Mortgage Co. is a nationally recognized independent mortgage lender offering a wide range of residential mortgage products and local in-house processing, underwriting and funding. Its collegial and entrepreneurial culture enables it to deliver unsurpassed levels of customer service. Having been through every economic cycle, the company has grown 15-fold since 2007, and now has more than 4,000 employees and 344 branch and satellite offices in 29 states. Guild’s highly trained loan professionals are experienced in government-sponsored programs such as FHA, VA, USDA, low down payment assistance programs and other specialized loan programs. The company generated $15.9 billion in loan volume in 2017, as compared to $1.2 billion in 2007. In addition, Guild services more than 190,000 loans, which totaled $38.6 billion in 2017. It has correspondent banking relationships with credit unions and community banks in 47 states. (Equal Housing Lender – Company NMLS #3274).