A record endorsement month in March has generated lots of excitement in the industry, so let’s get below the headline and see where the profitable stories are to be found. Year to date volume is just about even with last year’s pace at this time (down 1%), but that masks a flat January, weak February and strong March – so as they say, the trend is good!
If you’re not familiar with the report itself, refer back to last month’s post for a quick overview of what’s included and how to read the report.
Some highlights for the month:
- California continues to outperform Florida in unit volumes, but the real story among the top 10 states is Illinois, New York and Virginia each growing more than 20% from Q108. Florida has the dubious distinction of biggest volume decline among top 10 states, losing 25% from last year.
- Speaking of Illinois, Chicago also shows up in several other positive places in this month’s report, including:
- Volume Leaders: state, county, city and 2 zip codes on page 1
- 2nd highest Average Loans Per Lender on top of page 2
- Biggest increase in Total Max Claim Originated on bottom of page 2
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- Despite Florida’s decline this year, Miami continues to look attractive on a market size and competitive basis as it still claims the top spot among cities for volume, and remains one on the top end of the Average Loans per Lender metric.
- Check out the action in once sleepy cities like San Francisco, San Jose and Brooklyn. Each of these three has benefited tremendously from higher loan limits increasing both volume and deal sizes, with San Francisco going from just over $5 million in Max Claim originated Q108 to over $20 million this year. If you’re not marketing in these higher loan value areas yet, you might be missing a great opportunity.
Let us know if you could use some help putting these numbers to work in your company. We enjoy staring at the numbers everyday but it’s always more fun when we can see it in action!
