With all the hubbub about second mortgages recently, I thought I’d make a graph detailing the market share of the top funders of such home loans.
The pie chart above displays the top ten second mortgage lenders during the third quarter of 2007.
As you can see, Bank of America held a hefty 18 percent of the market, followed by Chase with nearly 10 percent and WaMu with about 8.5 percent.
If you combine Bank of America’s production with that of Countrywide’s, they’d hold more than 25 percent of the market collectively.
BofA reported second mortgage loan volume of $21.1 billion during the third quarter, up three percent from the same period a year earlier, followed by Chase with $11 billion, a 15 percent decline.
WaMu came in a close third with $9.8 billion, up 15 percent from a year ago, while Countrywide reported $8.7 billion, a 26 percent decline in production.
Wells Fargo and CitiMortgage reported volume of roughly $6.5 billion each, down 30 percent and 45 percent respectively, from a year ago.
National City Bank funded $6 billion during the quarter, a 19 percent increase, though its National City Mortgage unit funded just over $1 billion, a 4 percent decline.
Wachovia and ResCap rounded out the top ten, with $4.6 billion and $1.9 billion, respectively, both seeing production fall from a year ago.
Related Topics:
