Residential mortgage originations by U.S. lenders in the first quarter of
2010 retreated 19 percent compared to the same period a year ago, according
to industry data released Wednesday. Market analysis conducted by MortgageDaily.com shows that it was the third
consecutive quarterly decline in residential mortgage production.With the fall off in origination numbers, the trade site also reported that
two top-10 originators were unseated in its mortgage lender rankings. MetLife Inc 's 41 percent decline in activity was
the largest of the lenders evaluated, moving the company out of the top-10
club. Also losing its top-10 title was Flagstar Bank
, which saw business tumble 37 percent from the
fourth quarter.The remaining eight lenders on the top-10 list maintained their positions. 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 at No. 2,
then JPMorgan Chase & Co. and GMAC
.Citigroup Inc. was the fifth-largest originator
last quarter in terms of volume, although it was the only company to report
an increase from the fourth quarter.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.US Bank held on to the sixth position, followed by
PHH Corporation, and SunTrust
. 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. moved into the tenth spot.Although home-loan volume has tracked a downward slope for the last three
quarters, some positive industry developments have emerged. Loan performance and delinquency numbers are beginning to improve. And the
first non-agency securitization deal in two years was issued by Redwood
Trust Inc. last month amid strong investor interest - a good indication that
the private-label secondary market could bounce back soon, providing banks
with a principal channel of liquidity for lending.
2010 retreated 19 percent compared to the same period a year ago, according
to industry data released Wednesday. Market analysis conducted by MortgageDaily.com shows that it was the third
consecutive quarterly decline in residential mortgage production.With the fall off in origination numbers, the trade site also reported that
two top-10 originators were unseated in its mortgage lender rankings. MetLife Inc 's 41 percent decline in activity was
the largest of the lenders evaluated, moving the company out of the top-10
club. Also losing its top-10 title was Flagstar Bank
, which saw business tumble 37 percent from the
fourth quarter.The remaining eight lenders on the top-10 list maintained their positions. 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 at No. 2,
then JPMorgan Chase & Co. and GMAC
.Citigroup Inc. was the fifth-largest originator
last quarter in terms of volume, although it was the only company to report
an increase from the fourth quarter.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.US Bank held on to the sixth position, followed by
PHH Corporation, and SunTrust
. 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. moved into the tenth spot.Although home-loan volume has tracked a downward slope for the last three
quarters, some positive industry developments have emerged. Loan performance and delinquency numbers are beginning to improve. And the
first non-agency securitization deal in two years was issued by Redwood
Trust Inc. last month amid strong investor interest - a good indication that
the private-label secondary market could bounce back soon, providing banks
with a principal channel of liquidity for lending.
via Ping.fm
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