Financial institutions account for around 85 percent of the nation’s residential originations, and the biggest bank lenders saw quarterly originations tumble, according to data from the Federal Deposit Insurance Corporation.
The biggest FDIC-insured residential originator during the first quarter was Wells Fargo Bank, N.A., the FDIC reported to MortgageDaily.com. Wells funded $108.3 billion in the first quarter. In addition, “Wells Fargo Bank S Cntl NA” funded another $36.5 billion. Fourth-quarter 2009 volume at Wells was $126.0 billion plus $35.7 billion from Wells Fargo Bank S Cntl.
Volume reflected first and second mortgages.
Bank of America, N.A., followed with $57.2 billion, down from the fourth quarter’s $77.4 billion.
No. 3 JPMorgan Chase Bank, N.A., closed $30.2 billion in the first quarter, off from the prior quarter’s $34.3 billion.
Next was Ally Bank, where production fell to $12.6 billion from $16.3 billion, followed by Citibank, N.A., which saw fundings ease to $9.8 billion from $10.0 billion.
Wells topped the list of retail originators, with $40.9 billion in first-quarter retail business. BoA followed with $25.9 billion, then JPMorgan’s $10.9 billion. The fourth-biggest retailer was Citibank, at $4.4 billion, and No. 5 was U.S. Bank, N.A., which funded $2.7 billion.
The biggest wholesale lender was Wells, with $67.4 billion in volume. Wells Fargo Bank S. Cntl closed another $36.5 billion.
BoA funded $31.3 billion in wholesale business, then JPMorgan’s $19.3 billion, Ally’s $12.6 billion and U.S. Bank’s $5.8 billion.
