Big Shakeup Among Ranks of Top-10 Lenders
The top residential lender was unseated in MortgageDaily.com's Third Quarter 2009 Production Ranking, while Citigroup Inc. fell two spots. Aggregate U.S. originations were off by nearly one-fourth.
An analysis by MortgageDaily.com of home loan production indicated that overall third-quarter volume was 22% lower than the second quarter.
Compared to a year ago, however, fundings were 40% higher.
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CA Bank Jumps to $3 Billion in '09 Originations
A California bank reported that its residential originations so far this year have tripled all of last year's activity and already exceed $3 billion.
Refinance Production Jumps
Quarterly refinance originations are projected to jump by nearly a third. But mortgage debt outstanding is continuing a decline.
DPA Blamed for FHA Shortfall
The Federal Housing Administration's capital reserve level has fallen below the federally mandated minimum -- and loans that utilized seller downpayment assistance were to blame for all of the shortfall. FHA originations have skyrocketed over the past three years.
Lower Conventional Originations Forecasted
The outlook for quarterly U.S. home loan production has weakened, though the forecast improved for loans insured by the Federal Housing Administration.
Wholesale HECM Volume Higher
Home-equity conversion mortgages originated by third parties climbed to the highest level in more than a year and, in the process, the title of biggest reverse wholesaler changed hands.
Residential Recovery Contrasts Commercial Contraction
Demand for residential loans increased for the third quarter in a row, while demand for commercial mortgages tumbled, according to a quarterly bank survey. Faced with few refinancing options, many banks are giving commercial mortgage borrowers extensions.
Office, Industrial Originations Up
Commercial banks and life insurers increased their quarterly originations of commercial mortgages, with office and industrial loan production picking up. But a big drop in conduit and agency business as well as a decline in hotel and health-care fundings helped drag overall commercial activity lower.
PHH Fundings Off, Big MSR Write-Downs
Quarterly home-loan volume fell and is likely to fall further at PHH Mortgage. Profits at the production unit weren't near enough to offset a big decline in the value of mortgage servicing rights.
GMAC Surpasses Citi in Quarterly Originations
GMAC Financial Services has replaced Citigroup Inc. as the fourth biggest residential lender in the country. But losses at the mortgage unit -- more than $13 billion since 2007 -- kept GMAC in the red.
