Mortgage Originations Tumble In 2010 First Quarter
May 6th, 2010 By Peter G. Miller
Mortgage originations continue to decline, falling 28% in the first quarter of 2010 when compared with a year earlier, according to MortgageDaily.com.
Among the biggest lenders, the site reported that “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.”
MortgageDaily also reported that:
- Citigroup Inc. 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.
- 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.
| Q1 Rank | Lender | Q4 Rank |
| 1 | Wells | 1 |
| 2 | BoA | 2 |
| 3 | Chase | 3 |
| 4 | GMAC | 4 |
| 5 | Citigroup | 5 |
| 6 | US Bank | 6 |
| 7 | PHH | 7 |
| 8 | SunTrust | 8 |
| 9 | Quicken (retail only) | 11 |
| 10 | BB&T | 12 |
| Source: MortgageDaily.com | ||
© Copyright 