According to a recent report from ATTOM Data Solutions, Q3 recorded 3.25 million mortgage originations secured by a residential property, which represents a 17% increase from Q2 and a 45% increase YOY from Q3 of 2019.
What may be surprising is that ATTOM attributed this increased activity to purchase mortgages, which grew faster on a quarterly basis than refinance activity for the first time in over a year. Over a million home-purchase mortgages were issued in Q3, increasing 28% from Q2 and 25% YOY from Q3 of 2019.
In addition, Q3 home mortgages totaled an estimated $974.1 billion in total dollar volume, which is the highest level seen since 2005. ATTOM also mentioned that Q3’s volume was up 20% from Q2 and 52% YOY from Q3 of 2019.
For more information, including additional metrics regarding refi’s, HELOCs, and more, check out ATTOM Data Solutions’ report.
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For most financial institutions, the real estate appraisal process often involves a complex web of different players, including both internal staff and external vendors. Global DMS’ EVO™ appraisal management software simplifies how one manages this crucial process by providing a centralized platform that facilitates all documentation and communications, with custom dashboards and task lists based on the user’s role that prevent the cross-population of work – enabling a cohesive valuation workflow. Contact us today for more information or to see a quick demo.