Bank Of America Takes Top Spot.. I Said it was Coming!
The top mortgage companies are seeing fundings rise big time during Q1 of 2009 but still lower than last year’s numbers according to MortgageDaily.com. Mortgage lenders saw production rise 73% from the fourth quarter off 9% from 2008.
Wells Fargo was the top home loan lender during the quarter thanks to its purchase of Wachovia with originations more than double from the fourth quarter of 2008. The two companies saw numbers rise 22% compared to the first quarter of 2008.
Bank of America took second place thanks to Countrywide Financial acquired business and saw loan originations increase a staggering 79% from the fourth quarter remaining 20% below year ago levels. The same curve was apparent at Chase mortgage despite its horrible takeover of Washington Mutual. Considering the two entities loan volume was off 44% from a year ago but quarter-to-quarter activity was up 30%.
I called it here a few months ago that Bank of America would take the top spot from Wells Fargo. In my opinion, BofA is the new market leader in the mortgage sector. The new top mortgage servicer was Bank of America, followed by Wells Fargo and Chase.
Top Mortgage Originators in Q1 2009
1. Wells
2. Bank of America
3. JPMorgan
4. Citigroup Inc.
5. SunTrust Bank Inc.
6. U.S. Bank Home Mortgage
7. Residential Capital LLC
8. MetLife
9. Flagstar Bank
10. PHH Mortgage
Top Mortgage Servicers as of Q1 2009
1. Bank of America
2. Wells
3. JPMorgan
4. Citigroup
5. ResCap
6. PNC
7. U.S. Bank
8. SunTrust Bank Inc.
9. OneWest bank
10. PHH
