February 17, 2011 (Shirley Allen)
Just three banks accounted for more than half of all mortgages originated in 2010. Wells Fargo, Bank of America and JPMorgan Chase held onto their positions as the nation’s three biggest mortgage lenders, in that order, accounting for 56 percent of all mortgage closings in 2010. Overall mortgage lending declined by about 22 percent for the year compared to 2009.
Home loan closings by U.S. lenders during 2010 were around $1.530 trillion, down from 2009’s roughly $1.970 trillion. The big 3 originated roughly $856 billion in loans with Wells Fargo being the biggest lender funding approximately $387 billion in loans.
The Federal Housing Administration’s (FHAs) share in 2010 was approximately 19.8 percent which was an increase from 19.1 percent the year before.
The biggest gainer among the top 15 lenders was PHH Mortgage which saw originations increase by 30 percent year over year. The biggest loss was suffered by PNC, which says its fundings drop 45 percent from 2009.
The biggest increase in mortgage funding came in the fourth quarter of 2010 as lenders saw a 22 percent increase over the third quarter driven in large part by mortgage interest rates that fell to their lowest levels in more than half a century.
Even though Wells Fargo originated the largest number of mortgage funds in 2010, BofA maintained its standing as the biggest servicer with a portfolio in excess of $2 trillion.
Data provided by Mortgagedaily.com.
Tags: mortgages, loan funding, mortgage servicers, wells fargo, bank of america, chase, lenders, fha, mortgage closings