Now that Alt-A lending is grabbing some headlines, I thought it’d be timely to take a look at the top Alt-A mortgage lenders over the last reported quarter, as compiled by National Mortgage News.
As you can see, GMAC’s Residential Capital, which includes companies like Homecomings Financial, led the way with a paltry $2 billion in loan fundings during the first quarter of 2008.
While they were the leader, their production was off more than fifty percent from the same period a year earlier.
Countrywide Financial managed a close second with $1.8 billion, though it was nowhere near the $9.2 billion they funded in the first quarter of 2007.
HSBC came in a distant third with just $602 million funded, followed by Branch Banking & Trust with $581 million and Flagstar Bank with $460 million.
Am Trust Bank, which funded just $247 million during the quarter, had been the top Alt-A lender during the fourth quarter of 2007 with $8.2 billion in production.
Indymac, who had been one of the leading Alt-A lenders over the last several years, didn’t even make the list as they shifted nearly all production to GSE/FHA/VA.
For comparison sake, EMC Mortgage produced a whopping $58 billion in Alt-A loans during the final quarter of 2006, before things took a turn for the worse.
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