Residential lenders lifted loan originations in the third quarter from the prior period but fell short of their year-earlier levels. There was a new No. 4 lender and No. 4 servicer.
Mortgage bankers originated an estimated $320 billion in mortgages during the period that started on July 1 and ended on Sept. 30.
Home lending activity increased from an estimated $300 billion in mortgage production generated during the second quarter.
During the first nine months of 2014, national production amounted to an estimated $890 billion.
Wells Fargo & Co. solidly remained the biggest lender in the country with $48 billion in third-quarter 2014 originations.
Also holding on to its prior-quarter ranking was No. 2 JPMorgan Chase & Co. with $22 billion in volume.
At $16.1 billion in third-quarter production, Quicken Loans Inc. overtook Bank of America Corp. as the third-biggest lender.
The data were collected by Mortgage Daily for its Third Quarter 2014 Mortgage Origination Survey.
(billions/includes home-equity lending)
|Lender||Q3 2014||Q2 2014||Q3 2013|
|U.S. Bank Home Mortgage||$13.2||$11.6||$21.5|
|PennyMac Mortgage Investment Trust||$8.6||$7.4||$8.0|
|Flagstar Bancorp Inc.||$7.2||$6.0||$7.7|
|Freedom Mortgage Corp.||$6.8||$5.7||$2.7|
Among lenders that generated at least $1 billion in third-quarter production, Navy Federal Credit Union saw the biggest increase in originations from the second quarter: 33 percent.
At the other end of the spectrum was Nationstar Mortgage LLC, where activity was down 7 percent.
Mortgage Daily data indicate that total U.S. originations fell 31 percent from the third-quarter 2013.
However, business skyrocketed 148 percent at Freedom Mortgage — the best year-over-year performance.
Fifth Third Bancorp, on the other hand, saw originations plummet by 56 percent — the biggest decline from a year earlier.
Fannie Mae estimates that there were $9.849 trillion in total mortgages outstanding as of the third quarter.
Servicing $1.772 trillion of U.S. outstandings was Wells Fargo — the biggest servicer in the country.
The only change in position among the 10 largest servicers was Nationstar, which displaced Ocwen Financial Corp. as the fourth-biggest servicer.
as of Sept. 30, 2014
(billions/includes investment loans/
|Walter Investment Management Corp.||$183.7|
|PNC Financial Services Group Inc.||$159.9|