Although residential originations for the industry as a whole were down around 15 percent last year, gains were made by a lender that is exiting the mortgage business and a growing Oklahoma firm. Quarterly activity at the nation’s credit unions reached the second-highest level ever.
An analysis of economic forecasts from Fannie Mae, Freddie Mac and the Mortgage Bankers Association indicates that home-loan production totaled around $1.31 trillion during 2011, falling from approximately $1.54 trillion in 2010.
U.S. credit unions closed $14.1 billion in mortgages during the fourth quarter. Production included $12.3 billion in first mortgage originations.
Callahan &Â Associates, which reported the data, said the total grew from $11.1 billion originated in the third quarter.
“Credit unions reported the second-highest dollar volume of mortgage originations on record in the fourth quarter of 2011, and the highest dollar volume of mortgage of all the fourth quarters on record,” the report said.
But full-year 2011 credit union originations totaled just $43.2 billion, including $36.3 billion in first mortgages. Callahan previously reported that first-mortgage originations at U.S. credit unions were higher at $84.5 billion during 2010.
MetLife Home Loans reported to Mortgage Daily that it originated $23.6 billion during 2011, better than $22.1 billion funded during 2010. Volume included traditional home loans and reverse mortgages.
During the final three months of 2011, originations at MetLife, which last month said it is getting out of the residential lending business, closings totaled $8.25 billion. Business improved from the third quarter’s $6.4 billion and fourth-quarter 2010 production of $7.1 billion.
MetLife reported a mortgage servicing portfolio of $95.57 billion as of Dec. 31, falling from $97.0 billion at the end of September. The portfolio has been cut from $115.9 billion at the end of 2010.
During the first nine months of 2011, Provident Mortgage Capital Associates Inc. said in an SEC filing that it closed $14.896 billion in mortgages, worse than $17.414 billion at the same point in 2010. The retail portion of its 2011 business was $0.988 billion, while mortgage brokers generated $12.787 billion and correspondent production was $1.120 billion. Inside Mortgage Finance reported that fourth-quarter originations of $8.68 billion brought full-year fundings to $23.58 billion.
Single-family originations at HomeStreet Bank fell to $1.72 billion last year from $2.07 billion in 2010, according to an SECÂ filing by HomeStreet Inc. HomeStreet closed $2.7 billion in 2009.
Company-wide headcount climbed to 643 as of Dec. 31, 2011, from 586 at the end of 2010.
Fourth-quarter mortgage production was $0.516 billion at IBERIABANKÂ Corp., according to earnings data. Volume grew from $0.504 billion in the third quarter. Refinances represented 48 percent of fourth-quarter applications.
From Jan. 1, 2011, through Dec. 31, 2011, IBERIABANK originated $1.7 billion, slipping from approximately $1.8 billion in 2010.
Loan production at Gateway Mortgage Group was $672 million last year, according to a statement Wednesday. Volume reached an all-time high for the Tulsa, Okla.-based firm. In 2010, production came in around $501 million.
In addition, Gateway said that December’s $78 million in production was the best month since its founding in 2000. The company reportedly added 23 new branches last year, and branch count now sits at 50. Loan officers recruited in 2011 totaled 94.
Gateway finished 2011 with a mortgage servicing portfolio of $1.3 billion.
