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Biggest Mortgage Lenders - Mortgage Industry Insider from MortgageDaily.com

DALLAS, January 22 /PRNewswire/ Despite nearly losing the title of biggest mortgage lender during the second quarter, Countrywide Financial Corp. widened its first place lead in the fourth quarter and originated more home loans than any other mortgage banker last year, according to a preliminary analysis of earnings data by MortgageDaily.com -- the dominant source of online news for the mortgage industry.

Fourth quarter residential originations were $122 billion, Countrywide reported. The latest period's production was higher than any other U.S. mortgage banker, as were reported annual fundings of $463 billion. (http://www.mortgagedaily.com/CountrywideProduction011207.asp?spcode=pr)

Wells Fargo & Co. reported fourth quarter residential volume of $87 billion, earning a silver medal for the San Francisco-based giant. For the year, Well's said originations were $398 billion, also earning it a second place ranking. During the second quarter, Wells nearly overtook Countrywide as the biggest lender by matching its $116 billion reported fundings. (http://www.mortgagedaily.com/WellsProduction011607.asp?spcode=pr)

But -- at a reported $1.4 trillion -- Wells did end the year with the biggest residential servicing portfolio. Wells acquired a $140 billion servicing portfolio from Washington Mutual Inc. last year, leapfrogging it past Countrywide, which said it ended the year with a $1.3 trillion portfolio.

JPMorgan Chase & Co. announced it originated $44 billion during the fourth quarter, making it the third biggest lender for the period. But for the year, WaMu's reported $191 billion in home fundings earned it the bronze medal for all of 2006.

Chase and Countrywide both reported an increase in quarterly volume from the third quarter, while Citigroup Inc., New Century Financial Corp., Washington Mutual and Wells Fargo each reported a decrease. First Horizon National Corp. reported flat quarterly fundings.

The Mortgage Bankers Association last week at a press conference estimated total residential production in 2007 will be $2.39 trillion -- declining by about 5 percent from an estimated $2.51 trillion in 2006. The group said total mortgage originations should decline an additional 4 percent to $2.29 trillion in 2008 and drop another 6 percent to $2.15 trillion in 2009.

Complete mortgage production news at: http://www.mortgagedaily.com/fundings.asp?spcode=pr

About MortgageDaily.com
Founded in 1998, MortgageDaily.com is the dominant online news source for the mortgage industry. Around one million mortgage business news pages are viewed monthly at MortgageDaily.com and its affiliate publications.

Press: Sam Garcia
3811-700 Turtle Creek Blvd.
Dallas, TX 75219

Source: MortgageDaily.com

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