DALLAS, Aug. 8, 2011 /PRNewswire/ -- Residential originations by U.S. lenders fell nearly 20% in the second quarter, according to the Mortgage Lender Ranking from MortgageDaily.com. The biggest-three lenders fueled the decline, while business was less concentrated at the top.
An analysis of second-quarter data by MortgageDaily.com indicates that Wells Fargo & Co. was again the biggest lender. But production at the mortgage behemoth was down 24% from the first quarter.
Next was Bank of America Corp., where volume contracted 29%. JPMorgan Chase & Co. trimmed fundings by 5% to place third.
But No. 4 Ally Financial Inc. managed a 4% increase.
Other mortgage bankers to turn in a stronger performance included Fairway Independent Mortgage Corp., where business increased a third; PlainsCapital Corp., which expanded activity by 27%; and MetLife Inc., with a 5% improvement.
Originations |
||||
Rank |
Q2 2011 |
Q1 2011 |
Q2 2010 |
|
1 |
Wells |
Wells |
Wells |
|
2 |
BofA |
BofA |
BofA |
|
3 |
Chase |
Chase |
Chase |
|
4 |
Ally |
Citi |
Ally |
|
5 |
Citi |
PHH |
Citi |
|
Industry-wide volume declined around 19% from the first quarter. Compared to the second-quarter 2010, volume was down 20%.
MortgageDaily.com estimates that second-quarter production by all lenders was around $260 billion.
The five-biggest lenders saw their combined market share erode to around 63% from more than two-thirds in the first quarter.
Endorsements by the Federal Housing Administration amounted to $51 billion, declining from the first quarter's $58 billion. But FHA's market share inched up to approximately 20% from a revised 18% in the prior period.
Using agency and trade-group data, MortgageDaily.com projects that total originations this year will fall to around $1.1 trillion from $1.5 trillion in 2010.
Servicers of residential loans saw no shuffling among their ranks in the latest period.
Servicing Portfolios |
|||
Rank |
Q2 2011 |
Q1 2011 |
|
1 |
BofA |
BofA |
|
2 |
Wells |
Wells |
|
3 |
Chase |
Chase |
|
4 |
Citi |
Citi |
|
5 |
Ally |
Ally |
|
An upcoming acquisition of Litton Loan Servicing LP by Ocwen Financial Corp. could poise Atlanta-based Ocwen to break into the top 10 mortgage servicers.
Mortgage Lender Ranking at:
http://www.MortgageDaily.com/MortgageLenderRanking.asp?spcode=pr
Complete mortgage origination news coverage at:
http://www.mortgagedaily.com/Fundings.asp?spcode=pr
http://www.mortgagedaily.com/ServicerRanking.asp?spcode=pr
http://www.mortgagedaily.com/Statistics.asp?spcode=pr
About MortgageDaily.com
Founded in 1998, MortgageDaily.com is a dominant online source of mortgage news, statistics and analysis for the mortgage industry. Visit us online at www.MortgageDaily.com.
CONTACT:
Holly Himelright
[email protected]
3811-700 Turtle Creek Blvd.
Dallas, TX 75219
SOURCE MortgageDaily.com
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article