By Joseph Coleman
The California DFPI’s annual report highlights mortgage lending loan data for 2021 as part of their effort to provide detailed information on California residential mortgage lending.
You’re not in California? Well, Consumer Finance Protection Board regulations will affect you in the future.
The report finds, “Favorable real estate markets and conditions continued, with more Californians refinancing and obtaining new residential mortgage loans in response to continued lower interest rates in 2021. Foreclosure numbers slightly increased due in part to the lifting of COVID-19 foreclosure moratorium on September 1, 2021. There was not a sharp rise in foreclosures due to the roll-out of the California Mortgage Relief Program.”
• The number and principal amount of loans originated by licensees in 2021 decreased from 2020. The number of loans declined to 1,018,286 from 1,130,230, a decrease of 9.9 percent.
• The aggregate principal amount of loans originated in 2021 totaled $440.5 billion, down 3.03 percent from 2020.
• The number of loans brokered increased from 17,715 in 2020 to 18,508 in 2021, an increase of 4.5 percent.
• The aggregate principal amount of brokered loans in 2021 totaled $10.8 billion, an increase of 39.8 percent from 2020.
• The aggregate average amount of loans serviced by licensees each month grew from $1.2 trillion in 2020 to $1.4 trillion in 2021, a 16 percent increase.
• In 2021 licensees reported 17,404 consumer complaints concerning non-traditional mortgage loans, a 29.7 percent increase from 2020.
• Licensees reported completing 3,016 foreclosures in 2021, an increase from 2,397 in 2020 and representing a 25.8 percent increase.
• The number of licensed lenders and servicers increased from 406 in 2020, to 421 in 2021, a 3.7 percent increase.
• The number of branches grew from 6,202 in 2020 to 7,195 in 2021, a 16 percent increase
Read the Full California DFPI Annual Report
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