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Nonprime Originations Sink – Mortgage Industry Insider from MortgageDaily.com

Mortgage Daily

Published On: May 14, 2007

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


About MortgageDaily.com
Founded in 1998, MortgageDaily.com is the dominant online news source for the mortgage industry. Around one million mortgage business news pages are viewed monthly at MortgageDaily.com and its affiliate publications.

CONTACT:
Shaun Bartlett
214.521.1300
3811-700 Turtle Creek Blvd.
Dallas, TX 75219

Source: MortgageDaily.com

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