Despite all the uncertainty continuing to swirl around the proposed Bank of America/Countrywide merger, the nation’s top lender still turned in the highest loan origination volume during the first quarter, according to an analysis from MortgageDaily.com.
Countrywide retained the top spot with $73 billion in loan originations during the first quarter, down from about $115 billion a year earlier.
Wells Fargo was a somewhat close second with $66 billion, followed by Chase with $53.8 billion, Bank of America with $38.6 billion, and Citi with $34.3 billion.
U.S. Bancorp saw the biggest year-over-year increase, surging 86 percent from the first quarter of 2007, while Flagstar got a sizable 44 percent bump, and First Horizon climbed 19 percent.
The biggest drop in originations took place at jumbo mortgage and Alt-A mortgage lender Indymac Bancorp, which saw production fall 63 percent from a year ago, followed by WaMu at 60 percent and ResCap down 40 percent.
On a quarterly basis, Flagstar saw the most improvement, with first quarter originations 22 percent higher than the fourth quarter, followed by U.S. Bancorp and ResCap with 21 percent gains.
The quarter-to-quarter losers were Wamu, Indymac, and National City, which saw declines of 34 percent, 21 percent, and 15 percent, respectively.
Residential mortgage volume for the 14 largest U.S. lenders covered by Mortgage Daily was $370.6 billion during the first quarter 2008, down approximately 22 percent from the first quarter 2007, but up about 3 percent from the fourth quarter.
If and when the Bank of America/Countrywide merger closes, they would clearly be the top residential mortgage lender in the nation by some margin.