First Quarter Mortgage Fundings Jump, But Still Off From Last Year

May 11, 2009 No Comments »

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The top mortgage lenders saw fundings rise substantially during the first quarter of the year, but many couldn’t keep pace with last year’s numbers, according to MortgageDaily.com.

U.S. mortgage lenders saw production rise 73% from the fourth quarter, but compared to last year, fundings were off nine percent.

Wells Fargo was the top home loan lender during the quarter, thanks in part to its merger with Wachovia, seeing originations more than double from the fourth quarter.

This winning pair actually saw numbers rise 22 percent compared to the first quarter of 2008, though not everyone was so lucky.

Bank of America, which claimed the second spot thanks to its acquisition of former top lender Countrywide Financial, saw originations increase a staggering 79 percent from the fourth quarter, but they still remained 20 percent below year-ago levels.

The same trend was apparent at JP Morgan Chase; despite its merger with Washington Mutual, loan originations were off 44 percent from a year ago, though quarter-to-quarter activity was up 30 percent.

MetLife meanwhile, grabbed a spot in the top ten, thanks to its pickup of First Horizon’s mortgage operations, more than doubling its business from the fourth quarter.

The top mortgage servicer was Bank of America, followed by Wells Fargo and Chase.

Top Mortgage Originators in Q1 2009

1.      Wells
2.      Bank of America
3.      JPMorgan
4.      Citigroup Inc.
5.      SunTrust Bank Inc.
6.      U.S. Bank Home Mortgage
7.      Residential Capital LLC
8.      MetLife
9.      Flagstar Bank
10.     PHH Mortgage

Top Mortgage Servicers as of Q1 2009

1.      Bank of America
2.      Wells
3.      JPMorgan
4.      Citigroup
5.      ResCap
6.      PNC
7.      U.S. Bank
8.      SunTrust Bank Inc.
9.      OneWest bank
10.     PHH

(photo: boklm)

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