San Diego-based Guild Mortgage reported total loan volume of $4.4 billion in the third quarter of 2017, a decrease of 7 percent compared to the company’s record third quarter of 2016 when volume was $4.7 billion.
The year-over-year comparison reflects the shift in interest rates over the past year, the company said.
In the third quarter of the past year Guild reported $3.1 billion in purchase loans and a record $1.6 billion in refinanced loans. In the third quarter of 2017, purchase loans hit a new quarterly high, totaling $3.6 billion - 17 percent more than the same quarter a year prior.
In the first nine months of the year the company reported record overall loan volume of $11.7 billion, 1.4 percent higher than the $11.5 billion recorded in the same period of 2016. The volume of purchase loans rose by about 20 percent while the refinance market fell just shy of 40 percent over that time period.
The average loan size for all Guild loans during the first three quarters of 2017 was $230,635, up 1 percent from $228,321 in the 2016 period. In coastal California, the average loan size was $282,725, the company said.
Guild’s servicing business continue to grow in the third quarter of 2017, with $36.5 billion and 182,560 loans serviced as of Sept. 30, up 30.8 percent from $27.9 billion and 146,026 loans serviced at the end of the same quarter in 2016.