Countrywide Biggest U.S. Mortgage Lender; Mortgage Production News from MortgageDaily.com
DALLAS, April 24 /PRNewswire/ Three West Coast-based lenders originated the greatest volume of residential mortgages during the first quarter, according to a preliminary analysis of earnings data by MortgageDaily.com, a dominant source of online news for the mortgage industry. (https://www.mortgagedaily.com/HighestProduction042006.asp)
The third biggest mortgage banker was Washington Mutual Inc., which announced $51.5 billion first quarter production. Included in the figures were $7.3 billion in home equity loans and $6.4 billion in subprime mortgages. Seattle-based WaMu’s servicing portfolio reportedly reached $0.8 trillion. (https://www.mortgagedaily.com/WaMuProduction041906.asp)
Wells Fargo & Co. reported $91.0 billion in quarterly fundings, making it the second largest mortgage originator. Wells’ volume consisted of $53 billion in correspondent and wholesale loans and $26 billion in retail loans. The San Francisco-based company said its total managed servicing portfolio ended the period at nearly $1.1 trillion. (https://www.mortgagedaily.com/WellsProduction041806.asp)
Topping the latest quarterly ranking — again — was Countrywide Financial Corp., with $103.3 billion in fundings reported for the period. At quarter’s end, Countrywide said loan applications in process were $64.2 billion — higher than the end of February. Countrywide’s servicing portfolio was reported at $1.2 trillion as of March 31. (https://www.mortgagedaily.com/CountrywideProduction041106.asp)
While most mortgage lenders reported moderate declines in production from the fourth quarter 2005, subprime lender ECC Capital Corp. announced first quarter production of $1.7 billion — crashing from $4.2 billion during the prior period. (https://www.mortgagedaily.com/EccProduction041906.asp)
In San Diego recently, economist Doug Duncan told mortgage bankers to expect $2.2 trillion in mortgage production this year — a shocking 56% fall-off from the high-water mark set in 2003. (https://www.mortgagedaily.com/NeilMorseDuncanOutlook041106.asp)
Read complete mortgage production coverage at https://www.mortgagedaily.com/Fundings.asp
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