Mortgage Originations Tumble In 2010 First Quarter

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

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