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VA volume nationwide dropped 28% since fourth quarter 2016
Mount Laurel, NJ – June 14, 2017 – Freedom Mortgage, the market leader in government-insured lending, maintained its position as the top VA mortgage lender in the first quarter of 2017. Freedom Mortgage originated $2.7 billion of VA mortgage loans in the first quarter, representing a market share of 6.2%, according to Inside FHA/VA Lending. Refinancing accounted for more than 75% of Freedom Mortgage's VA originations in the quarter.
Market conditions negatively impacted VA volume for lenders nationwide. Lenders closed an aggregate $42.9 billion of VA loans in the first quarter, down 28.1 percent from the fourth quarter of 2016. Eight of the top VA lenders saw large declines in their VA lending, with refinances accounting for just 27.7 percent of total VA production in the first quarter.
We were able to react quickly to rising interest rates and maintain our position in the industry. Freedom Mortgage is honored to be one of the nation's top VA lenders, said Stanley Middleman, president and CEO of Freedom Mortgage.
We continue to offer our nation's veterans favorable terms, low down payments and great service, whether they want to buy a new home, refinance or explore a cash out with an existing mortgage.
About Freedom Mortgage
Freedom Mortgage is a non-bank, full-service mortgage company that provides mortgage loan servicing and originations through retail, wholesale, and correspondent channels. As the nation's fifth largest mortgage provider, licensed in all 50 states, Freedom Mortgage is renowned for providing world-class service to its clients, borrowers and partners. The company was founded in 1990 and is headquartered in Mount Laurel, New Jersey.