Wondering where most residential mortgage loans originate from?
Well, last year, California led the way in loan origination volume with a healthy $465 billion funded, followed by Texas with $139 billion and Illinois with $122 billion, according to MortgageStats.com.
The Golden State benefits from large loan limits, many which exceed the conforming loan limit and are designated jumbo loans.
Lending volume in California was up from $363 billion in 2008, but far off the $658 billion funded in 2007.
California has led the nation year after year, while Florida fell from second in 2007 to third in 2008 and finally to ninth in 2009.
Florida didn’t even crack $100 billion last year, despite funding nearly $225 billion two years earlier.
Rounding out the top five were Virginia with $111 billion and New Jersey with $109 billion.
Overall, residential mortgage lending is expected to total $1.4 trillion this year, according to estimates from the Mortgage Bankers Association.
In 2011, it’s expected to fall to just under $1 trillion, which could make life more difficult for the mortgage lenders still out there.