PRESSÂ RELEASE
Biggest Mortgage Lenders
DALLAS — (May 11, 2009) /PRNewswire/ As residential originations have soared, one mortgage lender was able to leverage an acquisition from last year to grab a bigger share of the market, according to a MortgageDaily.com lending analysis. Meanwhile, another acquisition in 2009 enabled MetLife Bank to become a top-10 originator.
U.S. mortgage lenders saw production increase 73% from the fourth quarter, based on first-quarter earnings data analyzed by MortgageDaily.com. Compared to a year earlier, however, fundings fell 9%.
The biggest lender was Wells Fargo & Co., where first-quarter originations more than doubled from the fourth quarter. Volume including Wachovia Corp. was up 22% from the first-quarter 2008 — prior to the merger of the two banks.
No. 2 Bank of America Corp. saw volume increase 79% from the fourth quarter. But the bank has not been able to maximize last year’s acquisition of Countrywide Financial Corp.; the most recent period’s originations were down 20% from combined production a year earlier.
Also lagging from last year was JPMorgan Chase & Co., where fundings were 44% below what JPMorgan and Washington Mutual Bank together originated in the first-quarter 2008 before their merger. Still, activity was 30% better than the fourth quarter.
With its acquisition last year of most of First Horizon National Corp.’s mortgage operations, MetLife leapt to the No. 8 spot in the latest ranking. Business more than doubled from the fourth quarter.
Q1 2009
| Rank | Lender |
| 1. | Wells |
| 2. | Bank of America |
| 3. | JPMorgan |
| 4. | Citigroup Inc. |
| 5. | SunTrust Bank Inc. |
| 6. | U.S. Bank Home Mortgage |
| 7. | Residential Capital LLC |
| 8. | MetLife |
| 9. | Flagstar Bank |
| 10. | PHHÂ Mortgage |
Based on servicing portfolio size, however, Bank of America was the biggest residential lender. All of the 10 biggest servicers’ portfolios exceeded $140 billion.
as of March 31
| Rank | Servicer |
| 1. | Bank of America |
| 2. | Wells |
| 3. | JPMorgan |
| 4. | Citigroup |
| 5. | ResCap |
| 6. | PNC |
| 7. | U.S. Bank |
| 8. | SunTrust Bank Inc. |
| 9. | OneWest bank |
| 10. | PHH |
Complete mortgage origination news coverage is at:
https://www.mortgagedaily.com/Fundings.asp
Mortgage statistics are at:
https://www.mortgagedaily.com/Statistics.asp
Full Table of Quarterly Originations by Lender
https://www.mortgagedaily.com/FundingsConforming.asp
About MortgageDaily.com
Founded in 1998, https://www.mortgagedaily.com provides online mortgage news and analysis for the mortgage industry. Around 1 million news pages are viewed monthly at MortgageDaily.com and its affiliate publications.
CONTACT:
Sam Garcia
mtgsam@aol.com
214.521.1300
3811-700 Turtle Creek Blvd.
Dallas, TX 75219
Source:Â MortgageDaily.com
