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Industry News

Top subprime mortgage originators ranked

October 12, 2004

Report shows number, dollar volume of home loans

Inman News

The Mortgage Bankers Association today released a new lender market share report that ranks subprime lenders nationally and at the state level. The new report, 2003 Subprime Mortgage Lenders, details the number and dollar volume of mortgage originations, providing overall, purchase and refinance originations.

According to the national-level report, New Century Mortgage originated more than $23.9 billion in single-family loans in 2003—8.7 percent of the U.S. subprime market ($276.3 billion) based on dollar volume. Rounding out the top five originators in the United States in 2003 was National City Corp. ($19.8 billion, 7.2 percent), Ameriquest Mortgage ($18.9 billion, 6.9 percent), Option One Mortgage ($18.1 billion, 6.5 percent) and Fremont Investment & Loan ($13.5 billion, 4.9 percent).

The lender market share reports are based on mortgage lending transactions at more than 8,100 financial institutions covered by the Home Mortgage Disclosure Act (HMDA) in metropolitan statistical areas throughout the nation.

"These and other HMDA-based reports represent an expanded effort by the MBA to provide market data to our members in a form that is low-cost and easy to use," said Jay Brinkmann, MBA's vice president of research and economics.

Washington, D.C.-based Mortgage Bankers Association is a national association representing the real estate finance industry.

Copyright 2004 Inman News

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