Residential mortgage originations increased nearly 25 percent in the second quarter, according to MortgageDaily.com’s Second Quarter 2009 Production Ranking.
Volume was up 24 percent from the first quarter of 2009 and 24 percent from the second quarter of 2008.
“Second-quarter activity was driven by low mortgage rates and high refinance activity,” said Sam Garcia, Founder of MortgageDaily.com.
“Also impacting business was an uptick in loans to finance home purchases. But as rates have bounced off their record lows and refinances have eased, we project a decline in third-quarter production.”
Wells Fargo was maintained its lead as the largest U.S. mortgage lender, seeing volume rise 28 percent from the first quarter and 64 percent from the prior year’s combined Wells-Wachovia originations.
Bank of America, which ranked number two, was the only other lender to exceed $100 billion in quarterly loan originations.
Citigroup fared the best of the top 15 lenders, with production up 42 percent from the previous quarter, while PNC fared the worst, seeing production fall seven percent.
Year over year, Quicken Loans performed the best, with originations up 193 percent, while Chase saw business fall 41 percent compared to combined fundings at JPMorgan and Washington Mutual a year ago.
Second Quarter 2009 Rankings
1. Wells Fargo
2. Bank of America
5. Residential Capital LLC
6. SunTrust Banks Inc.
7. U.S. Bank Home Mortgage
8. PHH Mortgage
9. MetLife Inc.
10. Flagstar Bancorp Inc.
11. BB&T Corp.
12. Quicken Loans
13. Fifth Third Bancorp
15. Regions Financial Corp.