Fundings

DALLAS, April 23 /PRNewswire/ — As subprime production tanked and Wells Fargo & Co. restated its originations down by more than $100 billion, JPMorgan Chase & Co. ascended to the top three U.S. residential originators, according to a preliminary analysis of first quarter earnings data by http://www.MortgageDaily.com—the dominant source of online news for the mortgage industry.

Nonprime production sank during the first quarter of 2007. Accredited Home Lenders Holding Co. saw its fundings tumble from nearly $4.0 billion in the fourth quarter of 2006 to $1.8 billion during the first quarter. WMC Mortgage reported a more than $5.0 billion decline in its latest quarterly business. New Century Financial Corp., which reported a fourth-quarter volume of $14.3 billion, stopped taking new applications early in March

(http://www.MortgageDaily.com/fundingsnonprime.asp?spcode=pr)

Wells Fargo restated its 2006 mortgage production—revising the figure down by $104 billion. During the most recent quarter, the San Francisco-based company announced $68.0 billion in originations—placing it No. 2 among the biggest lenders. With a reported managed servicing portfolio of $1.423 trillion as of March 31, the company was the largest residential mortgage servicer during the quarter.

(http://www.MortgageDaily.com/WellsFargoProduction041707.asp?spcode=pr)

Countrywide Financial Corp. reported $115.0 billion in first-quarter originations — far exceeding any other U.S. residential lender. The Calabasas, Calif.-based lending behemoth said its servicing portfolio reached $1.352 trillion, the second biggest in the country.

(http://www.MortgageDaily.com/CountrywideProduction041207.asp?spcode=pr)

With $46.8 billion in residential loans funded during the latest quarter, JPMorgan Chase & Co. stole the spot of the No. 3 biggest lender from Washington Mutual Inc. JPMorgan reported its servicing portfolio continued to climb, ending the latest period at $546.1 billion

(http://www.MortgageDaily.com/fundingsconforming.asp?spcode=pr)

Lender                                 Q1 Originations
     1. Countrywide Financial Corp.         $115.0 billion
     2. Wells Fargo & Co.                    $68.0 billion
     3. JPMorgan Chase & Co.                 $46.8 billion
     4. Bank of America Corp.                $43.1 billion
     5. Citigroup Inc.                       $39.6 billion
     *reflects home equity loans and lines-of-credit
     *Excludes numbers not yet reported by Residential Capital LLC, though
      MortgageDaily.com estimates ResCap originations will be less than $39.6
      billion reported by Citi.

    Complete mortgage production at:
    http://www.mortgagedaily.com/fundings.asp?spcode=pr
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