Guild Mortgage, an independent mortgage lender, announced record loan volume for 2019.
The San Diego-based company said loan volume reached $21.71 billion for 2019, which was 32.3% increase from $16.41 billion in 2018. The refinance business grew to a record $7.60 billion, up 208.2% from 2018.
The company said it “continued to showcase its strength in customer retention in the fourth quarter of 2019. Recapture volume reached $1.72 billion, representing a refinance recapture rate of 60%, a purchase recapture rate of 22.6% and an overall recapture rate of 54.28%. The total was up 548% from the $265.5 million recapture volume in the fourth quarter of 2018.
“Guild reported record total loan volume of $6.04 billion for the final quarter of the year, up 65.1% from $3.66 billion in the same period in 2018. Refinances totaled $2.70 billion in the fourth quarter, up 390.4% from $549.6 million the same period last year, while purchase loans were $3.35 billion, up 7.6% from $3.11 billion.”
California brought big gains in volume with a 110.5% increase, according to Guild.
“In 2019 we introduced a number of programs and services to improve the homebuying experience and better serve our loan officers and strategic partners,” said Mary Ann McGarry, Guild’s CEO. “We helped a record number of people save money through refinancing their mortgage with competitive rates throughout the year. We are committed to serving the borrowers of the future and developing customers for life with new programs and tools to make the borrowing experience easier each year.”