San Diego lender Guild Mortgage reported overall loan volume of $15.94 billion for 2017, down less than 1 percent from $15.96 billion in 2016.
Year-over-year loan volume remained nearly unchanged even while the Mortgage Bankers Association said U.S. mortgage originations were estimated to drop 16.6 percent in 2017.
Guild’s average loan size increased in 2017 to $232,552, up 1.7 percent from $228,500 in 2016.
Its purchase loan volume rose 19.2 percent to a record $12.7 billion in 2017, up from $10.7 billion in 2016. Purchase loans represented 80.1 percent of the company’s production volume during 2017, up from 66.8 percent the previous year.
Gains there were offset by a nearly 40 percent decrease in refinance loan volume to $3.2 billion, down from $5.3 billion. Rising interest rates have depressed interest in refinancing.
Founded in 1960, Guild has grown significantly in the last decade.
The company continues to expand its geographic footprint, most recently into the Midwest, where it acquired Cornerstone Mortgage in St. Louis. Cornerstone had loan volume of $1 billion in 2017 and operates 19 offices in three states.
Guild now has more than 4,000 employees and 250 branch and satellite offices in 27 states.
The company also recently earned the J.D. Power award for customer satisfaction in mortgage sales, based on results from a 2017 survey.
Reach reporter Sarah de Crescenzo at firstname.lastname@example.org.