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PRESS 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.
Biggest Originators
Q1 2009
Based on servicing portfolio size, however, Bank of America was the biggest residential lender. All of the 10 biggest servicers' portfolios exceeded $140 billion.
Biggest Servicers
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:
http://www.mortgagedaily.com/Fundings.asp?spcode=pr
Mortgage statistics are at:
http://www.mortgagedaily.com/Statistics.asp?spcode=pr
Full Table of Quarterly Originations by Lender
http://www.mortgagedaily.com/FundingsConforming.asp?spcode=pr
About MortgageDaily.com
Founded in 1998, http://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: MortgageDaily.com
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Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.
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