Industry News
Biggest Mortgage Lenders |
October 22, 2007 |
DALLAS, /PRNewswire/ -- A preliminary analysis of third quarter earnings data indicates residential mortgage originations fell 19.19 percent from the second quarter, according to http://www.MortgageDaily.com -- a dominant source of online news for the mortgage industry.
Countrywide Financial Corp. reported $95 billion third quarter production -- sinking from $130.2 billion the prior quarter. Despite the decline, the lender still ranks as the biggest in the country. Countrywide said it serviced about 9 million loans for $1.46 trillion as of Sept. 30. http://www.mortgagedaily.com/CountrywideProduction101107.asp?spcode=pr
Wells Fargo & Co. came in next with $68 billion in reported fundings. The San Francisco-based company saw its volume decline 15 percent from the prior period. Wells' residential servicing portfolio ended the quarter at around $1.32 trillion. http://www.mortgagedaily.com/WellsProduction101607.asp?spcode=pr
The No. 3 spot went to JPMorgan Chase & Co., which announced mortgage production was $50 billion -- declining from $58.7 billion the prior quarter. JPMorgan's third party mortgage servicing portfolio was $600.0 billion, according to the data. http://www.mortgagedaily.com/JpMorganProduction101707.asp?spcode=pr
The following ranking reflects the biggest mortgage lenders by third quarter 2007 originations, including residential mortgage production and home equity loan fundings:
| Rank | Company | Production |
1. |
Countrywide |
$94.6 billion |
2. |
Wells Fargo |
$68.0 billion |
3. |
Chase Home Finance |
$50.4 billion |
| 4 | Bank of America | $48.0 billion |
5. |
CitiMortgage |
$36.6 billion |
This table reflects the biggest mortgage lenders by residential
servicing portfolio size as of Sept. 30, 2007:
| Rank | Company | Servicing Portfolio |
1. |
Countrywide | $1.46 trillion |
2. |
Wells Fargo | $1.32 trillion |
3. |
Chase Home Finance | $0.60 trillion |
| 4 | CitiMortgage | $0.58 trillion |
5. |
Bank of America | $0.38 trillion |
In depth mortgage production by lender, as well as subprime, Alt-A, home equity and conforming originations are reported. Volume by quarter since 2003 also reported at: http://www.MortgageDaily.com/Fundings.asp?spcode=pr
Source: MortgageDaily.com
