Business, Free News Articles, Real Estate

iEmergent shares top takeaways from 2022 HMDA data

DES MOINES, Iowa -- iEmergent, a forecasting and advisory services firm for the financial services, mortgage and real estate industries, today announced the immediate availability of 2022 Home Mortgage Disclosure Act (HMDA) data in Mortgage MarketSmart. To celebrate providing lenders with early access to HMDA reporting, iEmergent CEO Laird Nossuli shared summary observations drawn from the loan-level origination data.

Top takeaways from 2022 HMDA data:

1. The last 12 months saw the U.S. mortgage market sliced in half.

While it comes as no surprise that lenders originated far fewer loans in 2022 than in 2021, HMDA data illuminates just how steep the dropoff was. Purchase units fell 19% and refinance (refi) units fell 70% year over year. Altogether, the market saw a combined 50.6% drop in purchase and refi units.

2. IMBs continue to carry a heavy load.

In 2022, independent mortgage banks (IMBs) represented just 20% of all U.S. lending institutions, yet they accounted for 58% of purchase and refi units and 56% of purchase and refi dollars originated. By comparison, credit unions were 33% of all lending institutions but represented just 9% of purchase and refi units and 7% of purchase and refi dollars. Banks were 47% of all lending institutions but represented 34% of purchase and refi units and 38% of purchase and refi dollars.

3. Credit unions are still playing catch-up in the pivot to purchase.

Purchase originations dominated in 2022, accounting for 62% of purchase and refi units and 68% of purchase and refi dollar volume industry-wide. But while banks and IMBs have crossed the threshold from mostly-refi to mostly-purchase, refi transactions still accounted for a majority (55%) of loan units originated by credit unions.

4. Select lenders are holding their own in a challenging market.

In 2022's contracting mortgage market, some lenders managed to turn lemons into lemonade. Seven of the year's top overall lenders by unit volume were new to the top 20, as were eight of the year's top overall lenders by dollar volume. Slicing the data by loan purpose shakes up the top 20 considerably, with IMBs taking 14 of the top 20 spots for purchase originations, IMBs and banks splitting the top 20 almost evenly for refi originations, and banks and credit unions dominating the top 20 for home improvement loans.

5. Buyers are borrowing more than ever.

The average size of a purchase loan increased 7.7% year over year from $337,813 in 2021 to $363,978 in 2022, outpacing overall inflation (*SEE NOTE 1) and exacerbating challenges to housing accessibility and affordability.

"In the current mortgage market, lenders face adversity and opportunity in almost equal measure - a story that is borne out in the latest HMDA data," said Nossuli. "iEmergent's Mortgage MarketSmart brings this story to life and puts it into actionable context with rich maps and forecasts that quantify a lender's market gaps all the way down to the neighborhood level."

HMDA data shows lenders how they stack up against peers

The integration of 2022 HMDA data into Mortgage MarketSmart, iEmergent's industry-first market visualization platform, makes it easy for lenders to compare their performance against competitors' across numerous categories including:

* Purchase origination units and dollars
* Refi origination units and dollars
* Borrower race
* Borrower ethnicity
* Loan type (conventional, jumbo, government)
* Borrower income (low, moderate, middle, upper)

By blending current HMDA data with historical market analysis and highly reliable forecasting, Mortgage MarketSmart gives lenders everything they need to quantify and act on market growth opportunities, including diverse lending and recruiting strategies that support financial institutions' fair lending and Community Reinvestment Act (CRA) obligations. In fact, a comparison of iEmergent's U.S. Mortgage Origination Forecast against HMDA actuals shows that iEmergent predicted overall 2022 purchase originations with an accuracy over 99%.

To subscribe to Mortgage MarketSmart and gain access to 2022 HMDA data, request a demo.

About iEmergent

Founded in 2000, iEmergent provides mortgage lending forecasts and analytics to the lending, housing and real estate industries. The company offers an extensive variety of forecast and market intelligence products, including Mortgage MarketSmart, a visualization tool that helps lenders quantify how mortgage markets will change.

For more information, visit https://www.iemergent.com.

CITATION:

*NOTE 1: https://www.bls.gov/opub/ted/2023/consumer-price-index-2022-in-review.htm#:~:text=Consumer%20prices%20for%20all%20items,December%202021%20to%20December%202022

Related link: https://www.iemergent.com

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Business, Free News Articles

iEmergent appoints Chris Richey as Chief Analytics Officer

DES MOINES, Iowa -- iEmergent, a forecasting and advisory services firm for the financial services, mortgage and real estate industries, today announced the appointment of Chris Richey as chief analytics officer. In this role, Richey will oversee and expand upon iEmergent's data analytics capabilities, which help mortgage lenders identify gaps in sales coverage and effectively expand into new markets.

Richey, who first joined iEmergent in a consulting capacity in 2016, has been instrumental in building out the data and information technology (IT) frameworks supporting the firm's external Mortgage MarketSmart and internal business intelligence (BI) platforms. With this infrastructure in place, Richey will next turn his attention to enhancing the analytics engine and statistical models that power iEmergent's market-leading data insights.

"Chris' combination of mathematics, economics and IT expertise is quite rare, but what's even more exceptional is his commitment to applying those skills to affect positive change," said iEmergent CEO Laird Nossuli. "For years, iEmergent's data has pointed to diversity in lending as not only the right thing to do for our communities, but also a business imperative for lenders. Chris will play an integral role in advancing our ability to put this imperative into context for individual lenders so they can turn insight into action and measurable growth."

Before joining iEmergent, Richey was a data analyst in the IT business unit of a Fortune 100 government contractor. His work synthesizing and analyzing some of the largest healthcare databases in the United States helped guide Medicare's implementation of regulatory programs designed to improve the quality and lower the cost of healthcare for millions of Americans. Later, during the COVID pandemic, Richey was part of a task force that tracked nursing home outbreaks of COVID-19 and applied data sourced from multiple agencies to coordinate the delivery of training, supplies and vaccinations.

Earlier in his career, Richey worked as a quantitative analyst within the financing arm of a Fortune 100 equipment manufacturer, where he built statistical models for managing credit risk, conducted regulatory compliance stress testing and leveraged his background in IT to create a unified framework for consolidating and reporting data across the global organization.

Richey is a graduate of Iowa State University, where he earned a bachelor's degree in economics and math and a master's degree in economics.

About iEmergent:

Founded in 2000, iEmergent provides mortgage lending forecasts and analytics to the lending, housing and real estate industries. The company offers an extensive variety of forecast and market intelligence products, including Mortgage MarketSmart, a visualization tool that helps lenders quantify how mortgage markets will change. For more information, visit https://www.iemergent.com.

Twitter: @iemergent #housingfinance

Related link: https://www.iemergent.com

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022