Quarterly U.S. residential production jumped by nearly a quarter, while monthly volume was up more than 10 percent, according to government data released today.
Second-quarter mortgage originations at the 22 biggest recipients of the Troubled Asset Recovery Program were $385.1 billion, according to data reported by the U.S. Department of the Treasury. Volume jumped from $311 billion in the first quarter.
The latest activity included $373.1 billion in first mortgage production and $12.1 billion in home-equity line-of-credit originations. Refinances represented $260.3 billion and purchase production was $89.6 billion.
The biggest originator was Wells Fargo & Co., where second-quarter production reached $129.0 billion. Bank of America Corp. was next, at $114.3 billion, followed by JPMorgan Chase & Co.’s $42.6 billion in fundings and Citigroup Inc.’s $30.8 billion.
Missing from the list was Residential Capital LLC, which would have ranked fifth based on the $18.5 billion in production reported by parent GMAC Financial Services.
First-quarter HELOC volume was dominated by BoA, which closed $3.6 billion, then Wells Fargo, with $1.9 billion in activity and U.S. Bancorp — where HELOC fundings reached $1.6 billion. The No. 4 HELOC originator, PNC Financial Services Group, funded $1.5 billion in HELOCs.
Looking at just June, total production from the 22 financial institutions was $140.7 billion, strengthening from $126.0 billion in May.
June activity included $4 billion in HELOC fundings and $92.2 billion in refinances.
