Refinancing drives 2020 increase in closed-end originations: CFPB

The total number of closed-end originations and applications increased substantially between 2019 and 2020, according to a Consumer Financial Protection Bureau report on Home Mortgage Disclosure Act data.

Originations: Closed-end originations (excluding reverse mortgages) increased by 65.2 percent in 2020 to 13.6 million. Most of the increase was driven by a refinance boom.

Reporting: While the number of financial institutions reporting 2020 HMDA data declined compared to 2019, the number of closed-end records in 2020 increased.

Disparities: The CFPB said that while mortgage activity generally increased, significant differences between demographic groups persisted, including higher interest rates and denials among Black and Hispanic consumers.