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Countrywide top 2nd quarter originator

July 27, 2005

By staff


A preliminary analysis of second quarter mortgage production has one lender ranking No. 1 in both total residential fundings and nonprime fundings.

Countrywide Financial Corp. reported $120 billion in total residential production during the second quarter — the highest of all mortgage bankers whose quarterly originations are covered by Volume for the Calabasas, Calif.-based lender increased by almost a third from the first quarter and was more than 20% above the same period last year.

Wells Fargo took second place with total second quarter originations of $85 billion, one-third better than the previous quarter but down 11% from a year earlier.

The third largest originator was Washington Mutual with volume totaling $53.4 billion during the latest period. The Seattle-based thrift’s performance is off 7% from the first quarter and nearly one-third below the level in the second quarter last year.

Among lenders reporting nonprime production — which includes subprime, Alt-A and home equity originations, Countrywide again reigned with nonprime fundings totaling $21 billion. The numbers improved 13% on a quarterly basis and soared one-fourth above the level a year ago.

WaMu was just behind Countrywide with volume of $19.7 billion, which is about one-fifth better than the year’s first three-month period and slightly above the second quarter a year earlier.

IndyMac had the third-highest nonprime volume at $14.2 billion. But the Pasadena, Calif.-based lender had the most notable growth — the latest production was 22% above the first quarter and up more than half from the level at the same time last year.

Secondary lender Freddie Mac said second quarter business purchases were $147 billion, close to a third above the prior quarter and just below the level a year ago, while Fannie Mae has yet to report its numbers.

Meanwhile, the loans funded under the Federal Home Loan Banks’ Mortgage Partnership Finance program fell to $1.9 billion in the second quarter — almost a third below the previous quarter and a whopping three-quarters under the same period a year ago.

read full ranking of residential originators

read full ranking on nonprime originators

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