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Big Shakeup Among Ranks of Top-10 Lenders

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Mortgage Daily

                                                 November 23, 2009

The top residential lender was unseated in MortgageDaily.com’s Third Quarter 2009 Production Ranking, while Citigroup Inc. fell two spots. Aggregate U.S. originations were off by nearly one-fourth.

An analysis by MortgageDaily.com of home loan production indicated that overall third-quarter volume was 22% lower than the second quarter. Compared to a year ago, however, fundings were 40% higher.

The data were derived from quarterly earnings reports, public filings or directly from the companies.

The biggest lender was Bank of America Corp., which funded $98 billion during the third quarter. BoA’s business was off 14% from the prior quarter but more than two-thirds better than a year ago. BoA previously ranked second.

Wells Fargo & Co. came in at No. 2 — relinquishing its top second-quarter ranking. Wells saw volume fall by over one-fourth from the second quarter.

Originations at No. 3 JPMorgan Chase & Co. were off 10% from the second quarter, while GMAC Financial Services came in about 17% worse.

No. 5 U.S. Bancorp was down just 9% — the best performance by any top-10 lender.

Citigroup, which had ranked as the fourth largest lender in the prior report, saw volume tumble by more than half — the largest quarterly decline among the 10 biggest lenders — leaving it as the sixth biggest lender in the third quarter. Citigroup’s business was down more than a third from a year earlier, the worst year-over-year performance.

With its August acquisition of failed Colonial Bank, BB&T Corp. leapt to No. 10 in the third-quarter report.

Fifth Third Bancorp, which didn’t rank among the top 10 lenders, saw its volume soar 120% from the third-quarter 2008 — the biggest annual increase among lenders tracked by MortgageDaily.com.

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