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PRESS RELEASE
Biggest Mortgage Lenders from MortgageDaily.com
DALLAS -- (July 28, 2008) /PRNewswire/ A new company has emerged as the biggest U.S. mortgage lender, according to an analysis of second-quarter earnings data by http://www.MortgageDaily.com. But the new No. 1 originator won't likely hold that title for long.
As Countrywide Financial Corp., which has long held the top spot, was winding down operations as an independent company, its second-quarter loan production plummeted to less than $60 billion.
With $63 billion in second-quarter fundings, Wells Fargo & Co. nabbed the top spot.
Even JPMorgan Chase & Co., which reported $61 billion in residential originations -- including home-equity fundings, beat Countrywide and secured the second spot on the list of biggest lenders.
However, with Bank of America Corp.'s acquisition of Countrywide on July 1, the merged companies will probably originate more than $90 billion quarterly -- likely pushing Wells Fargo and JPMorgan down to spots No. 2 and No. 3 during the third quarter.
Top 5 Residential Originators
Second Quarter 2008
An analysis by MortgageDaily.com of 13 publicly traded mortgage lenders indicated that overall U.S. residential originations during the second quarter were down about 10 percent from the first quarter 2008 and 36 percent lower than the second quarter 2007.
Mortgage giant Freddie Mac, which purchases loans from primary lenders then packages them into mortgage-backed securities, saw second-quarter purchases and issuances jump to $162 billion from $134 billion in the first quarter and $149 billion a year earlier. The higher activity reflected increased refinances in the prior quarter for primary lenders and a growing share of business for government-sponsored enterprises.
Complete mortgage production data is available to MortgageDaily.com subscribers at:
http://www.mortgagedaily.com/FundingsConforming.asp?spcode=pr
In-depth news coverage about mortgage originations is published at:
http://www.mortgagedaily.com/Fundings.asp?spcode=pr
Mortgage Statistics including data about loan originations, market share and mortgage servicing as well as foreclosure statistics and subprime statistics are maintained at:
http://www.mortgagedaily.com/Statistics.asp?spcode=pr
About MortgageDaily.com
Founded in 1998, MortgageDaily.com is a dominant online news source for the mortgage industry. Around one million mortgage business news pages are viewed monthly at MortgageDaily.com and its affiliate publications.
CONTACT:
Sam Garcia
214.521.1300
3811-700 Turtle Creek Blvd.
Dallas, TX 75219
Source: MortgageDaily.com
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