PRESSÂ RELEASE
3 Biggest Lenders Close Over Half of U.S. Mortgages
DALLAS — (Feb. 15, 2011) /PRNewswire/ More than half of last year’s originations were generated by just three lenders, according to the Fourth Quarter 2010 Mortgage Lender Ranking from MortgageDaily.com. The share of government-insured loans was higher. Home loan closings by U.S. lenders during 2010 were around $1.530 trillion, down from 2009’s roughly $1.970 trillion. A closing occurs when a borrower signs new loan documents. Wells Fargo, Bank of America and Chase originated 56 percent of last year’s business. FHA’s 2010 share was around 19.8%, edging up from 19.1% a year earlier. Wells’ $387 billion in 2010 fundings made it the biggest lender, though business was down 8%. The most growth versus 2009 among top-15 lenders came from PHH, where production climbed 30%. PNC’s 45% drop was the weakest performance. Annual Originations
Wells also dominated fourth-quarter production, with business improving more than a quarter. PHH’s 45% improvement was the best among the players, while USAA was the only top-15 player to see a decline:Â 22%. Quarterly Originations
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Source: MortgageDaily.com