Wells Leads Originations in Fairfax County
Sampling of originations by County
December 23, 2002
By MortgageDaily.com staff
A batch of sample maps reveal the top mortgage lenders in specific geographical regions, and are being marketed as a new way to keep check on the competition.
Computer Business Methods, Inc.’s (CBMI) mortgage data Web site has developed software that maps origination performance tailored around lenders’ desired details.
The batch of sample maps reveal the top lenders in specific areas of the country and report on single-family conventional purchase mortgages and refinances.
The sample map for Fairfax County, Va., shows the top lenders for January through September 2002. According to the map, Wells Fargo Mortgage Inc., based in Des Moines, Iowa, is No. 1 lender for the area with $127.9 million. The next-most productive lender in Fairfax County is Bank of America FSB out of San Francisco, with a total of $109.4 million in volume. No. 3 in that county is National City (FOA), based in Miamisburg, Ohio, with $92.9 in loans.
The sample map displaying information about Mecklenburg County, N.C., displays information for all of 2001. It shows Bank of America FSB as the top producer with $347.2 million in loans. Wells Fargo took to the No. 2 spot with $225.4 million, and the local First Union Mortgage CP out of Charlotte produced $122.4 million in loans.
The St. Charles County, Mo., sample map, reports information for 2001 as well. It shows the area’s top lender as Pulaski Bank FSB, with $100.3 in loans. No. 2 goes to Firstar Bank with $86.4 million, and Wells Fargo Mortgage came in at No. 3 with $60.5 million.
“These maps are for mortgage lenders. They can ask, ‘In which communities am I doing well? In which am I not doing well?'” said Howard Tenenbaum, a geography graduate student and programmer for CBMI. Tenenbaum helped develop the mapping system through CMBI’s industry market share data site, Mortgagedataweb.com.
The sample maps do not include government-insured loans, although lenders can obtain reports that do map such loans, he said.
