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3 Biggest Lenders Close Over Half of U.S. Mortgages

DALLAS, Feb. 15, 2011 /PRNewswire/ -- More than half of last year's originations were generated by just three lenders, according to the Fourth Quarter 2010 Mortgage Lender Ranking from MortgageDaily.com. The share of government-insured loans was higher.

Home loan closings by U.S. lenders during 2010 were around $1.530 trillion, down from 2009's roughly $1.970 trillion. A closing occurs when a borrower signs new loan documents.

Wells Fargo, Bank of America and Chase originated 56 percent of last year's business.

FHA's 2010 share was around 19.8%, edging up from 19.1% a year earlier.

Wells' $387 billion in 2010 fundings made it the biggest lender, though business was down 8%.

The most growth versus 2009 among top-15 lenders came from PHH, where production climbed 30%. PNC's 45% drop was the weakest performance.

Annual Originations


Rank

2010

2009

1

Wells

Wells

2

BofA

BofA

3

Chase

Chase

4

GMAC

Citigroup

5

Citigroup

GMAC

6

USBank

USBank

7

PHH

SunTrust

8

SunTrust

PHH

9

Quicken

MetLife

10

Flagstar

Flagstar




Lenders tracked by Mortgage Daily saw fourth-quarter production climb 22% from the third quarter and 30% from the fourth-quarter 2009.

Wells also dominated fourth-quarter production, with business improving more than a quarter. PHH's 45% improvement was the best among the players, while USAA was the only top-15 player to see a decline: 22%.

Quarterly Originations


Rank

Q4

Q3

1

Wells

Wells

2

BofA

BofA

3

Chase

Chase

4

GMAC

GMAC

5

Citigroup

Citigroup

6

USBank

USBank

7

PHH

PHH

8

Quicken

Quicken

9

Flagstar

SunTrust

10

SunTrust

Flagstar




Lenders are also ranked by the balances of the mortgages they service. Servicing involves the collection of payments, loan accounting and disbursements to investors. BofA maintained its standing as the biggest servicer with a portfolio in excess of $2 trillion.

Servicing Portfolio


Rank

Q2

1

BofA

2

Wells

3

Chase

4

Citigroup

5

GMAC

6

USBank

7

PNC

8

SunTrust

9

PHH

10

OneWest




Full Mortgage Lender Ranking at:

http://www.MortgageDaily.com/MortgageLenderRanking.asp?spcode=pr

Complete mortgage origination news coverage at:

http://www.mortgagedaily.com/Fundings.asp?spcode=pr

Full Mortgage Servicer Ranking at:

http://www.mortgagedaily.com/ServicerRanking.asp?spcode=pr

Mortgage statistics are at:

http://www.mortgagedaily.com/Statistics.asp?spcode=pr

About MortgageDaily.com

Founded in 1998, http://www.MortgageDaily.com provides online mortgage news and analysis for the mortgage industry. Around 1 million news pages are viewed monthly at MortgageDaily.com and its affiliate publications.

CONTACT:

SamGarcia@MortgageDaily.com

214.521.1300

3811-700 Turtle Creek Blvd.

Dallas, TX 75219



SOURCE MortgageDaily.com



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