Despite all the turmoil last year, Countrywide Financial ended 2007 as the top residential mortgage originator, according to a preliminary analysis of earnings data by MortgageDaily.com.
Per the data, the top mortgage lender reported $408.2 billion in residential production last year, putting it more than $100 billion above its nearest competitor.
Wells Fargo maintained the second spot, reporting $272 billion, followed by Chase with $207.7 billion.
Bank of America and Citigroup rounded out the top five, with a respective $188.6 billion and $151.9 billion.
Countrywide and Wells Fargo saw loan originations decline compared to 2006, while Chase, Bank of America, and Citi all saw an increase, knocking WaMu out of the top five in the process.
“While last year was quite volatile for U.S. mortgage bankers, recent actions by the Federal Reserve as well as a flight to quality by investors has helped push mortgage rates lower,” said MortgageDaily.com Publisher Sam Garcia.
“As a result, mortgage originators have seen refinance activity pick up recently and are likely to see an increase in funded loans during the first quarter of 2008 compared the fourth quarter 2007.”
Lender Ranking by Residential Volume – 2007 Full Year (in billions)
1. Countrywide $408.2
2. Wells Fargo $272.0
3. Chase $207.7
4. Bank of America $188.6
5. Citigroup $151.9
Lender Ranking by Residential Volume – 2006 Full Year (in billions)
1. Countrywide $462.5
2. Wells Fargo $398
3. Chase $171
4. Bank of America $166.3
5. Citigroup $142.1
Lender Ranking by Residential Volume – Q4 2007 Originations (in billions)
1. Countrywide $68.5
2. Wells Fargo $56.0
3. Chase $49.8
4. Bank of America $44.1
5. Citigroup $29.5