Our last report for 2023 is here! We already knew 2023 endorsements dropped -48.1% from 2022 as higher interest rates drove refinances to near zero and reduced the appeal of even non-refinances to new customers.
The additional context we’re adding today is that Retail/direct held up better at -43.4% for the year while Wholesale/broker dropped a full -55%. That tracks with past patterns we’ve seen where Wholesale is more volatile on a volume basis, and also brokers tend to switch their marketing and resources quicker than typically larger Retail organizations.
Full year growth among the top 10 lenders:
- Mutual of Omaha gained 9.9% to finish with 6,393 loans and the #2 ranking for the year, up from #3 in 2022
- Guild Mortgage rose 7.2% from 2022 when we include Cherry Creek’s volume as well, totaling 1,174 loans (good enough for #6 on a consolidated basis)
We also have case number issuance figures for the full year, with December coming in quite weak at 2,269, down -13.7% from November. For the year, cases issued were down -35.9% to 40,989.
- Equity Takeout cases issued (new reverses that are neither purchase nor refinances) were down -18.4% from 2022 at 34,429
- Purchase (H4P) dropped -6.2% from 2022 at 2,222
- H2H refinance case numbers were the weakest link, cratering -77.7% to 4,338 (and just 195 in December)
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Check out the full rankings on pages 3 and 4 of the full report below by clicking on the image.
