Nonprime Originations Sink – Mortgage Industry Insider from MortgageDaily.com
DALLAS — (May 14, 2007 updated 6:59 a.m.) U.S. nonprime mortgage production has recently tumbled by nearly a fourth, according to an analysis of quarterly production data by https://www.mortgagedaily.com — the dominant source of online news for the mortgage industry.
First quarter 2007 nonprime originations, including subprime, Alt-A and home equity loans, declined approximately 24 percent from the fourth quarter 2006, the report said.
MortgageDaily.com analyzed reported fundings from 11 major nonprime mortgage bankers. In the aggregate, the group originated nearly $90 billion in nonprime volume during the first quarter.
The decline in nonprime numbers starkly contrasts increased first quarter conforming production at several large lenders.
Nonprime production for the first quarter 2007, fourth quarter 2006 and first quarter 2006 was analyzed from the following companies:
|
Company
|
| Accredited Home Lenders Holding Co. |
| Bank of America |
| Countrywide Financial Corp. |
| Downey Financial Corp. |
| Impac Mortgage Holdings Inc. |
| IndyMac Bancorp Inc. |
| New Century Financial Corp. |
| NovaStar Financial Inc. |
| Residential Capital Corp. |
| Wells Fargo Financial |
| WMC Mortgage |
Among companies with quarterly production declines in excess of 50 percent were Accredited, ResCap and WMC.
The full report is available online at:
https://www.mortgagedaily.com/SubprimeProductionAnalysis051407.asp
Full nonprime production tables at:
https://www.mortgagedaily.com/FundingsNonprime.asp
Latest subprime news headlines at:
https://www.mortgagedaily.com/Subprime.asp
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Source: MortgageDaily.com
