Home >> News >> Data >> Lending Declines in Q1, Remains Up Year-Over-Year
Print This Post Print This Post

Lending Declines in Q1, Remains Up Year-Over-Year

Mortgage origination numbers from the first quarter of the year are in and closing totals indicate a generally diminished lending pace. While diverse factors contributed to the decline in originations, the departure of two major correspondent lenders during the period are considered a key catalyst in driving down closings.

[IMAGE]

According to statements from ""Mortgage Lender Ranking"":http://www.mortgagedaily.com/MortgageLenderRanking.asp by _Mortgage_ _Daily_, residential production sunk by 5.56 percent

[COLUMN_BREAK]

between quarters. However, year-over-year origination tallies are in opposition to the quarter-to-quarter results, showing a 10.88 percent improvement.

Data included in the Mortgage Market Index created by ""Mortech Inc."":www.mortech-inc.com/ showed that additional decreases in mortgage loan production are likely in the second-quarter of the year. Specifically, the company's index is forecasting an 8 percent drop versus origination levels recorded in the first-quarter.

Mortech's statistics demonstrated an uptick in market share for ""Federal Housing Administration"":http://www.fha.gov/ loans, which stretched to 15 percent besting a reported 13 percent market share displayed in the final quarter of 2011. Survey findings from Mortech also revealed a dominant first-quarter for ""Wells Fargo"":https://www.wellsfargo.com/; the bank was the top performing financial institution during the quarter, with a 36 percent market share for originations.

Wells Fargo also claimed the top spot among mortgage servicers, and the company's mortgage portfolio expanded during the first-quarter. ""JP Morgan Chase"":http://www.chase.com/, ""U.S. Bancorp"":http://www.usbank.com/en/AboutHome.cfm, ""Bank of America"":http://www.bankofamerica.com/, and ""Citigroup"":http://www.citigroup.com/ rounded out the top five lenders by market share to conclude the quarter, and BofA, Chase, Citi, and ""Ally Financial"":http://www.ally.com/financial/ completed the roster of top five servicers.

About Author: Abby Gregory

x

Check Also

How Weather Changes Could Impact Home Values

Many homeowners believe an increase in storms, extreme temperatures, wildfires, and rising sea levels warrant serious concern, and economists say that is valid.

Subscribe to MDaily

MReport is here for you to stay on top of important developments in the mortgage marketplace. To begin receiving each day’s top news, market information, and breaking news updates, absolutely free of cost, simply enter your email address below.