Although quarterly mortgage originations dipped from the previous period, there was an increase in annual volume. There was some jockeying for position among the nation’s 10 largest lenders.
U.S. home lenders originated an estimated $517 billion during the final-three months of 2016, according to data collected for the Mortgage Daily Fourth Quarter 2016Â Mortgage Origination Survey.
Mortgage production declined from the previous three-month period, when $568 billion in residential loans were closed. But activity accelerated from $375 billion in the final quarter of 2015.
Banks were responsible for $236 billion of fourth-quarter 2016 originations, while credit unions generated $48 billion and non-banks accounted for $233 billion.
Wells Fargo & Co. maintained its position as the country’s biggest mortgage lender.
PennyMac Mortgage Investment Trust climbed to fourth position in the latest quarter from No. 5 in the third quarter, while Bank of America Corp. also moved up one spot to No. 5.
The fourth-biggest lender in the third-quarter ranking, USÂ Bancorp, dropped to No. 6.
