California, Florida and Texas lead the country in mortgage originations, according to new mortgage market summary reports released today by the Mortgage Bankers Association.
According to the Mortgage Originations by State report, lenders originated almost 3.39 million loans in California during 2003, which translates to 15.9 percent of U.S. originations based on number, but 24 percent of U.S. originations based on dollar volume.
With 1.18 million originations, Florida had the second highest number of overall originations followed by Texas (967,000 originations), Illinois (948,000 originations) and Michigan (829,000 originations).
Among subprime originations, the Prime and Subprime Mortgage Originations by State report shows that the order of the top five states changes slightly: California (443,000 originations or 22.6 percent of total US subprime market), Florida (150,000 or 7.7 percent), Texas (132,000 or 6.7 percent) and New York (85,000 or 4.4 percent).
The mortgage market summary reports are based on mortgage lending transactions at more than 8,100 financial institutions covered by the Home Mortgage Disclosure Act in metropolitan statistical areas throughout the country.
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