After three quarters of continuous growth, non-bank lenders extended fewer mortgages in the first quarter of 2021 – potentially due to slowing demand after eight quarters of continuous price increases of residential mortgage loans, as well as normal seasonal decreases at this time of year.
The total value of residential mortgage loans extended by non-banks decreased by 9.9% to $51.9 billion in the first quarter. The total number of these mortgages declined by 17.3% from the previous quarter to 191,831, but was up 34.4% compared with the first quarter of 2020. Mortgages extended during the first quarter of 2021 represented 15.3% of the total value and 11.2% of the total number of outstanding residential mortgages held by non-banks.