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Biggest Mortgage Lenders - Mortgage Industry Insider from MortgageDaily.com

DALLAS, April 23 /PRNewswire/ As subprime production tanked and Wells Fargo & Co. restated its originations down by more than $100 billion, JPMorgan Chase & Co. ascended to the top three U.S. residential originators, according to a preliminary analysis of first quarter earnings data by http://www.MortgageDaily.com -- the dominant source of online news for the mortgage industry.

Nonprime production sank during the first quarter 2007.

Accredited Home Lenders Holding Co. saw its fundings tumble from nearly $4.0 billion in the fourth quarter 2006 to $1.8 billion during the first quarter. WMC Mortgage reported a more than $5.0 billion decline in its latest quarterly business. New Century Financial Corp., which reported fourth quarter volume of $14.3 billion, stopped taking new applications early in March. (http://www.MortgageDaily.com/fundingsnonprime.asp?spcode=pr)

Wells Fargo restated its 2006 mortgage production -- revising the figure down by $104 billion. During the most recent quarter, the San Francisco-based company announced $68.0 billion in originations -- placing it No. 2 among the biggest lenders. With a reported managed servicing portfolio $1.423 trillion as of March 31, the company was the largest residential mortgage servicer during the quarter. (http://www.MortgageDaily.com/WellsFargoProduction041707.asp?spcode=pr)

Countrywide Financial Corp. reported $115.0 billion in first quarter originations -- far exceeding any other U.S. residential lender. The Calabasas, Calif.-based lending behemoth said its servicing portfolio reached $1.352 trillion, the second biggest in the country. (http://www.MortgageDaily.com/CountrywideProduction041207.asp?spcode=pr)

With $46.8 billion in residential loans funded during the latest quarter, JPMorgan Chase & Co. stole the spot of the No. 3 biggest lender from Washington Mutual Inc. JPMorgan reported its servicing portfolio continued to climb, ending the latest period at $546.1 billion. (http://www.MortgageDaily.com/fundingsconforming.asp?spcode=pr)

Following is a first quarter ranking of residential originators:

Q1 Originations
1. Countrywide Financial Corp.
$115.0 billion
2. Wells Fargo & Co. $68.0 billion
3. JPMorgan Chase & Co. $46.8 billion
4. Bank of America Corp. $43.1 billion
5. Citigroup Inc. $39.6 billion
*reflects home equity loans and lines-of-credit
*Excludes numbers not yet reported by Residential Capital
LLC, though MortgageDaily.com estimates ResCap
originations will be less than $39.6 billion reported by Citi.

Complete mortgage production 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: Shaun Bartlett
3811-700 Turtle Creek Blvd.
Dallas, TX 75219

Source: MortgageDaily.com

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