PRESSÂ RELEASE
Big Shakeup Among Ranks of Top-10 Lenders
DALLAS — (Nov. 23, 2009) /PRNewswire/ The top residential lender was unseated in MortgageDaily.com’s Third Quarter 2009 Production Ranking, while Citigroup Inc. fell two spots. Aggregate U.S. originations were off by nearly one-fourth. An analysis by MortgageDaily.com of home loan production indicated that overall third-quarter volume was 22% lower than the second quarter. Compared to a year ago, however, fundings were 40% higher. The data were derived from quarterly earnings reports, public filings or directly from the companies. The biggest lender was Bank of America Corp., which funded $98 billion during the third quarter. BoA’s business was off 14% from the prior quarter but more than two-thirds better than a year ago. BoA previously ranked second. Wells Fargo & Co. came in at No. 2 — relinquishing its top second-quarter ranking. Wells saw volume fall by over one-fourth from the second quarter. Originations at No. 3 JPMorgan Chase & Co. were off 10% from the second quarter, while GMAC Financial Services came in about 17% worse. No. 5 U.S. Bancorp was down just 9% — the best performance by any top-10 lender. Citigroup, which had ranked as the fourth largest lender in the prior report, saw volume tumble by more than half — the largest quarterly decline among the 10 biggest lenders — leaving it as the sixth biggest lender in the third quarter. Citigroup’s business was down more than a third from a year earlier, the worst year-over-year performance. With its August acquisition of failed Colonial Bank, BB&T Corp. leapt to No. 10 in the third-quarter report. Fifth Third Bancorp, which didn’t rank among the top 10 lenders, saw its volume soar 120% from the third-quarter 2008 — the biggest annual increase among lenders tracked by MortgageDaily.com.3rd-Quarter 2009 Ranking
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Complete mortgage origination news coverage is at: https://www.mortgagedaily.com/Fundings.asp Mortgage statistics are at: Full Table of Quarterly Originations by Lender About MortgageDaily.com CONTACT: Source: MortgageDaily.com |
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