Biggest Mortgage Lenders from MortgageDaily.com
DALLAS -- (July 23, 2007) With second quarter earnings reporting well underway, most major mortgage bankers saw residential loan production soar from the first quarter, according to http://www.MortgageDaily.com -- the dominant source of online news for the mortgage industry.
The biggest gain was reported by U.S. Bank Home Mortgage. The Minneapolis-based organization reported second quarter volume was up 40 percent over the first quarter.
The next biggest gain -- 29 percent -- was had by First Horizon National Corp. The Memphis, Tenn.-based company disclosed that it intends to unload 34 full-service First Horizon Bank branches in four states.
SunTrust Banks Inc. saw a gain of 22 percent, Chase Home Finance boosted originations by 20 percent and Wells Fargo Home Mortgage production was 18 percent higher than the second quarter.
But while most lenders that have reported earnings so far saw their fundings rise, second quarter fundings fell 19 percent at Capital One Financial Corp. And IndyMac Bancorp, which reported a 12 percent decline from the first quarter, laid off 400 employees as a result of falling originations.
Based on a preliminary analysis of second quarter data, Countrywide Financial Corp. was still the country's largest mortgage originator. Next was Wells Fargo & Co., followed by Chase Home Finance. Rounding out the top five biggest mortgage bankers were Bank of America Corp. and Citigroup.
By mortgage servicing portfolio size, Wells Fargo Home Mortgage still was the biggest servicer. Countrywide held the No. 2 position, while Washington Mutual Inc. was the third largest U.S. residential mortgage servicer. Citigroup and Chase respectively held spots No. 4 and No. 5.
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