DALLAS, Oct. 22 /PRNewswire/ — A preliminary analysis of third quarter earnings data indicates residential mortgage originations fell 19.19 percent from the second quarter, according to http://www.MortgageDaily.com — a dominant source of online news for the mortgage industry.
Countrywide Financial Corp. reported $95 billion third quarter production — sinking from $130.2 billion the prior quarter. Despite the decline, the lender still ranks as the biggest in the country. Countrywide said it serviced about 9 million loans for $1.46 trillion as of Sept. 30. http://www.mortgagedaily.com/CountrywideProduction101107.asp?spcode=pr
Wells Fargo & Co. came in next with $68 billion in reported fundings. The San Francisco-based company saw its volume decline 15 percent from the prior period. Wells’ residential servicing portfolio ended the quarter at around $1.32 trillion.
The No. 3 spot went to JPMorgan Chase & Co., which announced mortgage production was $50 billion — declining from $58.7 billion the prior quarter. JPMorgan’s third party mortgage servicing portfolio was $600.0 billion, according to the data. http://www.mortgagedaily.com/JpMorganProduction101707.asp?spcode=pr
The following ranking reflects the biggest mortgage lenders by thirdquarter 2007 originations, including residential mortgage production and home equity loan fundings:
Rank Company Production
1. Countrywide $94.6 billion
2. Wells Fargo $68.0 billion
3. Chase Home Finance $50.4 billion
4. Bank of America $48.0 billion
5. CitiMortgage $36.6 billion
This table reflects the biggest mortgage lenders by residential servicing portfolio size as of Sept. 30, 2007:
Rank Company Servicing Portfolio
1. Countrywide $1.46 trillion
2. Wells Fargo $1.32 trillion
3. Chase Home Finance $0.60 trillion
4. CitiMortgage $0.58 trillion
5. Bank of America $0.38 trillion
In depth mortgage production by lender, as well as subprime, Alt-A, home equity and conforming originations are reported. Volume by quarter since 2003 also reported at: http://www.MortgageDaily.com/Fundings.asp?spcode=pr
Stories about mortgage servicers, delinquency and foreclosures are reported. Servicing lawsuits and loan servicing technology are also reported at: http://www.MortgageDaily.com/Servicing.asp?spcode=pr
Founded in 1998, MortgageDaily.com is the dominant online news source for the mortgage industry. Around one million mortgage business news pages are viewed monthly at MortgageDaily.com and its affiliate publications.
3811-700 Turtle Creek Blvd.
Dallas, TX 75219
© 2007 PR Newswire. All Rights Reserved.