Q1 Mortgage Volume Tumbles, 2 New Top-10 Players
DALLAS, May 5 /PRNewswire/ -- Residential originations continued to decline in MortgageDaily.com's First Quarter 2010 Mortgage Lender Ranking. Two top-10 originators were unseated.
Based on an analysis of first-quarter activity, residential production at U.S. lenders retreated 19% from the fourth-quarter 2009. It was the third consecutive quarterly decline.
MetLife Inc's 41% decline was the biggest of the lenders analyzed, moving it out of the top-10 club. Also losing its top-10 title was Flagstar Bank, which saw business tumble 37% from the fourth quarter.
Citigroup Inc. was the only company to report an increase from the fourth quarter.
Compared to a year earlier, industry volume was down around 28%.
PNC Bank's 71% decline from the first-quarter 2009 was the biggest among the firms analyzed, and GMAC Financial Service's 2% decline was the smallest.
Wells Fargo & Co. continued its domination of U.S. production, reporting $76 billion in first-quarter business -- more than any of its competitors. Bank of America Corp. followed, then JPMorgan Chase & Co., GMAC and Citigroup.
Retail lender Quicken Loans Inc., which ranked 11th in the prior report, moved to the No. 9 position on the latest list. BB&T Corp. also moved into a top-10 spot.
"Although home-loan volume has declined each of the last three quarters, we have observed several positive industry developments," MortgageDaily.com Founder and Publisher Sam Garcia said. "New wholesale programs are emerging, the first non-agency securitization in two years was issued and delinquency is beginning to improve. In addition, mortgage insurance volume rebounded in March from February's record-low activity."
Mr. Garcia noted, however, that FHA loan production has recently been waning, while a decline in reverse mortgage volume has been more pronounced. In addition, refinances continue to account for a smaller share of activity.
Quicken (retail only)
Complete mortgage origination news coverage at: http://www.mortgagedaily.com/Fundings.asp?spcode=pr
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.
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