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Mortgage Companies on Fortune 500 List

CitiGroup tops list of mortgage-related entities

March 23, 2004

By COCO SALAZAR


A plethora of mortgage-related entities filled Fortune's annual ranking of America's 500 largest corporations.

At the top of the mortgage related list but two spots below last year's ranking, Citigroup placed eighth on the list with $94.7 billion in revenues -- a 6.0% decrease from the previous year. The owner of Citimortgage was the largest commercial bank on the list, according to the magazine

Fortune said its annual rankings are based on the companies' sales figures as reported on their 2003 financial data reportings. Revenues for commercial banks and savings institutions are interest and noninterest revenues.

Falling four notches to No. 20 -- but at the top of the list of pure play mortgage entities -- was mortgage giant Fannie Mae with a 1.6% increase in its revenues to $53.8 billion, said Fortune. The government sponsored enterprise, which was also recently ranked by the business publication as the 52nd "Best Company to Work For," reported that its February mortgage business volume totaled $50.8 billion. Fannie's competing business rival Freddie Mac ranked No. 32 on last year's list, but because the accounting scandal made its most recent financial statements unavailable, it was not included on the current list.

Bank of America Corp. dropped one spot to No. 24 with revenues of $48.1 billion, said Fortune. The North Carolina-based retail and investment bank's revenues were reportedly up 5.1% from the previous year and its loan originations during the fourth quarter were reported at $18.4 billion.

With revenues of $44.4 billion, J.P. Morgan Chase & Co. remained the 26th "largest" corporation in America for the second year in a row. The New York-headquartered thrift said that its mortgage arm, Chase Home Finance, originated $51 billion in loans in the fourth quarter.

Climbing up one position to No. 39 was Morgan Stanley. The investment banker reported its revenues increased 7.8% from the previous year to $34.9 billion, said Fortune.

Wells Fargo stepped three spots down the ladder to No. 49 with revenues of $31.3 billion -- an 11.7% jump from 2002. According to the San Francisco banking behemoth's fourth quarter financial summary, residential mortgage originations totaled $71 billion.

New Jersey-based Prudential Financial, which originates mortgages through its Prudential Real Estate Network, once again filled the No. 57 spot with $27.9 billion in revenues -- a 4.1% increase from 2002, said the magazine.

Securities and home financing banker Merrill Lynch fell 10 spots to No. 58 as its revenues decreased 1.8% to $27.7 billion, according to Fortune.

American Express also remained unchanged from last year's ranking in spot No. 69 with revenues of $25.9 billion, representing an 8.6% increase. The company originates home loans through PHH Mortgage and was ranked the 36th "Best" company to work for in the magazine's 2004 list.

Goldman Sachs Group, which originates mortgages through its investment banking division, moved up one position to No. 74 with revenues of $23.6 billion -- up 3.4% from the previous year, the magazine reported.

Wachovia Corp. moved down three spots to 73 on the list with $24.5 billion in revenues -- a 2.7% drop. The North Carolina-based company, which recently acquired multifamily lender Lend Lease Mortgage Capital, said that it had mortgage production of $3.1 billion and home equity volume of $6.0 billion in the fourth quarter.

With revenues down 3.2% from the previous year to $21.5 billion, Chicago-headquartered Bank One Corp. took spot No. 88, declining from its previous year's 79 rank, Fortune said.

Tumbling nine positions to No. 103 was Washington Mutual with a 2.1% drop in revenues from the previous year to $18.6 billion. However, the Seattle-based banking behemoth, which reported fourth quarter mortgage volume of $68.8 billion, topped Fortune's list as the "Most Admired" company in the mortgage industry and also was the magazine's 92nd "Best" company to work for.

Jumping 27 spots to 106 was the owner of Century 21 and Cendant Mortgage, Cendant Corp., as it reported revenues of $18.2 billion -- a 27.7% surge from 2002, the magazine said.

Meanwhile Lehman Brothers Holdings placed 113 with $17.3 billion in revenues, added Fortune.

The parent company of U. S. Bank Home Mortgage, U.S. Bancorp placed 133 -- down 10 spots from last year -- with revenues of $15.3 billion. The Minneapolis-headquartered thrift, which claims it is the eighth largest financial services holding company, said its mortgage originations totaled $3.9 billion in the fourth quarter.

Soaring 63 spots to No. 146 was Countrywide Financial with revenues of $13.7 billion -- a 53.9% surge from 2002, according to the magazine. The Calabasas, Calif.-based lender, which reported February mortgage originations of $23.3 billion, was also the third "Most Admired" mortgage industry company.

Closing out the list's top 200 largest corporations were home equity line program provider MBNA Corporation at No. 168, John Hancock Financial Services ranked 192 and Capital One Financial Corp. was the 200th.

Iowa-based Principal Financial placed 211 with revenues of $9.4 billion. The parent company of Principal Residential Mortgage was also Fortune's 95th "Best" company to work for.

National City Corp. moved up nine spots to 206 with revenues of $9.6 billion --a 9.9% increase from previous year. The Cleveland-based thrift, which owns subprime lender First Franklin Financial, reported that its fourth quarter originations sunk to $17.2 billion, from $34.1 billion in the previous quarter.

Up 22 spots to 219 was Centex Corp. with a 17.7% increase in revenues to $9.1 billion, said the magazine. The Dallas-based company reported its arm CTX Mortgage had fourth quarter volume of $2.89 billion, while Centex Home Equity Co.'s volume was $1 billion. The company recently had its FHA origination approval terminated by HUD at its Springfield, Ill. jurisdiction.

Three homebuilders filled the remaining top 250 positions: Pulte Homes ranked 222 and its division, Pulte Mortgage Corp., produced $9.1 million in loans in the fourth quarter; Owner of Universal American Mortgage Co. and Eagle Home Mortgage Co., Lennar Corp., moved up 34 spots to 230; CH Mortgage parent, D.R. Horton, moved up 30 spaces to 241.

Bear Sterns Co. Inc. ranked 266 with $7.4 billion in revenues, SunTrust Banks, which said its latest quarterly volume totaled $6.3 billion, followed by moving up 24 positions to 272, Fifth Third Bancorp was No. 287, Bank of New York Co. placed 294, and BB&T Corp. was No. 298.

The top 300-400 positions were filled by PNC Financial Services Group, which originates mortgages through PHH Mortgage, as it ranked 309; KB Home, parent of KB Home Mortgage, ranked 315; KeyCorp was 319, State St. Corp. placed 330, home equity lending CIT Group was 371 and Mellon Financial Corp. ranked 385.

Within the 400-500 largest mortgage-related corporations were Golden West Financial Corp. at No. 440, which said its mortgage financing unit, World Savings, originated $10.9 billion in loans during the fourth quarter; at No. 456 was NVR Inc., which reported its mortgage unit produced $650.7 million in loans; Regions Financial placed 466; Ryland Group Inc., parent company of Ryland Mortgage Co., took spot 481; and Comerica ranked 489.


Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.

email: [email protected]


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