Insights
Market reports, forecast data, industry insights, and more from iEmergent.
iEmergent, a forecasting and advisory services firm for the financial services, mortgage and real estate industries, has released its analysis of 2024 Home Mortgage Disclosure Act (HMDA) data in Mortgage MarketSmart. The insights, shared by iEmergent CEO Laird Nossuli, highlight a modest market recovery from 2023 alongside deepening disparities in borrower outcomes and a reshuffling of lender dynamics.
Top takeaways from 2024 HMDA data:
In 2024, U.S. lenders originated a combined 4.9 million loans totaling $1.67 trillion in dollar volume across purchase and refi, up from $1.45 trillion in 2023. Refinances surged 63% by dollar volume to $393.7 billion and accounted for nearly a quarter (23.5%) of purchase and refi dollars, up from 16.7% in 2023.
IMBs originated 65.4% of all purchase and refinance loans in 2024, up from 61.3% in 2023. They also claimed 16 of the top 25 spots by dollar volume and 17 by loan count, underscoring their continued role as the primary engine of mortgage lending despite representing just 18% of reporting institutions.
The average size of purchase and refinance loans grew in 2024, reaching $339,903 (up from $323,282 in 2023). Rising home prices and interest rates continue to widen the gap between what buyers can afford and what they must borrow.
People of color households made up a growing share of applicants in 2024, but approval rates remained unequal. Black borrowers, for instance, faced an 18% denial rate for purchase loans compared to 9% for non-Hispanic white applicants. While banks and credit unions lowered their denial rates year over year, IMBs saw a slight increase—contributing to uneven outcomes, since IMBs originated the majority of loans. Debt-to-income (DTI) ratios remained the most common denial reason across all racial and ethnic groups.
The top five lenders accounted for nearly 20% of all loans and dollars originated in 2024, a notable uptick from 2023. This growing market concentration signals intensifying consolidation and competition among top-tier lenders.
“2024 brought modest recovery to the mortgage market, but also highlighted some of the structural inequities and concentration trends that shape lending outcomes today,” said Nossuli. “iEmergent’s Mortgage MarketSmart puts this data into context—geographically, demographically, and competitively—so lenders can find smarter ways to grow and serve their markets.”
The integration of 2024 HMDA data into Mortgage MarketSmart allows lenders to benchmark their performance against peers across categories such as:
With side-by-side comparisons of HMDA data, historical trends and forward-looking forecasts, Mortgage MarketSmart empowers lenders to identify gaps, meet Community Reinvestment Act (CRA) obligations and reach underserved markets.