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| Residential originations at a secondary mortgage company that caters to community banks have tripled over the past year.ICBA Mortgage reported today first-quarter production of nearly 45,000 loans for $7.2 billion. Volume almost tripled compared to the first-quarter 2008.
“These numbers are a dramatic indication that community bankers are regaining lost market share in the residential mortgage arena,” ICBA President and Chief Executive Officer Dave Petro said in the report. One-in-five mortgages funded during the first quarter by the Washington, D.C.-based company were for a home purchase. Only 2 percent of business was not fixed-rated. ICBA is the mortgage services subsidiary of the Independent Community Bankers of America. It provides access to the secondary mortgage markets for community banks. Its alliances include programs from Fannie Mae, Freddie Mac and Taylor Bean & Whitaker. ICBA said 40 percent of first-quarter originations sold through Taylor Bean were FHA, up from 10 percent a year earlier. |
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