DALLAS, May 13, 2013 /PRNewswire/ -- Mortgage originations were off from the fourth quarter, but several players still managed to increase business. The second-quarter forecast calls for stronger production. Although the three-biggest mortgage servicers reduced their servicing portfolios, a trio of rising stars each added more than $100 billion to their portfolios.
Residential lenders originated 6.2% less during the first three months of 2013 than in the final three months of 2012, according to Mortgage Daily's First-Quarter 2013 Mortgage Lender Ranking.
But business improved 13.8% from the first-quarter 2012.
Estimated first-quarter originations by all U.S. lenders worked out to approximately $505 billion.
Based on the Mortgage Market Index from LoanSifter and Mortgage Daily, second-quarter business is poised to increase 13% over the first quarter.
Wells Fargo maintained its dominance as an originator, though its market share slipped.
Biggest Q1 Originators
| Rank |
Lender |
Market Share |
| 1. |
Wells Fargo |
22% |
| 2. |
Chase |
11% |
| 3. |
Quicken |
5% |
| 4. |
Bank of America |
5% |
| 5. |
U.S. Bank |
4% |
The biggest decline was at Ally Financial, where production tumbled 38% from the fourth-quarter 2012. Provident Funding saw a 28% decline, and PrimeLending fell 24%.
The best improvement was Stonegate Mortgage's 36% increase. Bank of America and SunTrust Mortgage each boosted business by 11%.
In all, 15 mortgage bankers reported increased activity compared to the fourth-quarter 2012.
Wells Fargo, BofA and Chase maintained their respective No. 1, No. 2 and No. 3 positions among the country's biggest servicers of home loans -- though each reduced their servicing portfolios from year-end 2012.
But portfolios expanded by more than $100 billion each at No. 4 Ocwen, No. 6 Nationstar and No. 8 Walter Mortgage. All three firms are poised to capitalize on refinancing a share of their massive portfolios.
Biggest Servicers as of March 31
| Rank |
Servicer |
Portfolio Size ($ trillions) |
| 1. |
Wells Fargo |
$1.9 |
| 2. |
Bank of America |
$1.2 |
| 3. |
Chase |
$1.0 |
| 4. |
Ocwen |
$0.5 |
| 5. |
Citigroup |
$0.4 |
Full Q1-2013 report (complimentary for reporters): http://www.MortgageDaily.com/Production051313.asp?spcode=pr
Quarterly mortgage production by lenders:
http://www.mortgagedaily.com/FundingsConforming.asp?spcode=pr
Mortgage origination news at:
http://www.mortgagedaily.com/Fundings.asp?spcode=pr
About Mortgage Daily
Founded in 1998 by 20-year mortgage industry veteran Sam Garcia, Mortgage Daily is a leading online source of mortgage news and mortgage statistics for the mortgage industry. Visit Mortgage Daily at www.MortgageDaily.com.
CONTACT:
Holly Himelright
[email protected]
3811-700 Turtle Creek Blvd.
Dallas, TX 75219
SOURCE MortgageDaily.com
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