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Origination News | Lender Ranking | Fundings by Lender | Statistics
Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.


PRESS RELEASE


Biggest U.S. Mortgage Lenders

DALLAS -- (Nov. 17, 2008) /PRNewswire/ Mergers and acquisitions are shaking up the standings of the biggest mortgage originators, according to earnings data analyzed by
http://www.MortgageDaily.com. Mergers will continue to reshape rankings through next year.

During the third quarter, Bank of America Corp. reported more residential production than any other lender. In July, BoA acquired Countrywide Financial Corp. -- which had held the title of biggest mortgage lender during most of the past five years.

As Countrywide was winding down operations as an independent company during the second quarter, Wells Fargo & Co. swooped in and grabbed the title of biggest lender. But BoA's combined results enabled it to wrestle the top spot away in the third quarter.

With its planned acquisition of Wachovia Corp. later this year, however, No. 2 Wells Fargo will become a formidable challenger to BoA as the biggest lender. Combined, W&W's third-quarter originations were within $0.1 billion of BoA's.

No. 3 JPMorgan Chase & Co. will only see its position strengthen with its acquisition of Washington Mutual Bank. While WaMu hasn't reported third-quarter activity, fundings were likely well below the second quarter's $9 billion and probably less than the $7 billion reported by No. 10 Flagstar Bank.

An emerging company with the potential to become a $1 billion player is NetMore America Inc., which reported $100 million in October originations -- potentially signaling more than $1 billion in annual production.

No. 5 Residential Capital LLC, however, is warning that it may not survive.

Rank Company Originations
1. BoA $58 billion
2. Wells Fargo $51 billion
3. JPMorgan $40 billion
4. Citigroup $22 billion
5. ResCap $11 billion
6. SunTrust $8 billion
7. PHH Mortgage $8 billion
8. U.S. Bancorp $8 billion
9. Wachovia $7 billion
10. Flagstar $7 billion

Industry-wide third-quarter originations tumbled 31 percent from the second quarter, based on an analysis of overall industry activity. Compared to the third-quarter 2007, industry production was down 42 percent.


Complete mortgage production 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, 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
mtgsam@aol.com
214.521.1300
3811-700 Turtle Creek Blvd.
Dallas, TX 75219


Source: MortgageDaily.com


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