Bank of America became the top U.S. mortgage originator during the third quarter, according to earnings data analyzed by MortgageDaily.com.
Wells Fargo, which had held the top spot during the second quarter, slipped to second as a result of the merger, with reported originations of $51 billion.
Chase took the third spot with $40 billion in originations, and could see some benefit from its merger with Washington Mutual going forward, despite the fact that much of its retail and wholesale presence was ground to a halt.
Citi came in a distant fourth with just $22 billion as the company continued to consolidate and reduce its mortgage offerings in line with its new risk appetite.
And rounding out the top five was ResCap, the troubled GMAC unit that could shutter, with $11 billion reported during the third quarter.
Also making the top ten was Flagstar Bancorp, with $7 billion in originations, though they too could be a thing of the past if their stock price is any indication.
It has fallen from over $9 to just 67 cents over the past 12 months, stirring questions about its viability.
Industry-wide, third quarter originations were off 31 percent from the second quarter and 42 percent compared to the third quarter of 2007.
Top Ten Mortgage Originators Q3 2008:
1. BofA – $58 billion
2. Wells Fargo – $51 billion
3. JPMorgan – $40 billion
4. Citigroup – $22 billion
5. ResCap – $11 billion
6. SunTrust – $8 billion
7. PHH Mortgage – $8 billion
8. U.S. Bancorp – $8 billion
9. Wachovia – $7 billion
10. Flagstar – $7 billion