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 https://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. (https://www.mortgagedaily.com/fundingsnonprime.asp)
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. (https://www.mortgagedaily.com/WellsFargoProduction041707.asp)
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. (https://www.mortgagedaily.com/CountrywideProduction041207.asp)
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. (https://www.mortgagedaily.com/fundingsconforming.asp)
Following is a first quarter ranking of residential originators:
|
Lender
|
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:Â https://www.mortgagedaily.com/fundings.asp
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Source:Â MortgageDaily.com
