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| Just two of the top five residential lenders saw an increase in originations during April, according to government data on the biggest recipients of the Troubled Asset Recovery Program. Collectively, the top TARP recipients saw home loan fundings fall.
The 21 financial institutions with the biggest TARP investments under the Capital Purchase Program saw residential originations decline to $118.5 billion in April from $122.1 billion during the prior month, according to data released yesterday by the U.S. Department of the Treasury. Aggregate activity in April included $114.2 billion in first mortgage production, down from $117.4 billion the previous month. Home-equity line-of-credit volume was $4.3 billion, falling from March’s $4.7 billion. Wells Fargo & Co. maintained its No. 1 spot with $40.7 billion in residential originations, edging down from $40.9 billion in March. First-mortgage production accounted for $40.0 billion of April’s business, while HELOC volume was $0.7 billion. No. 2 was Bank of America Corp. which funded $34.0 billion during April, off from $35.0 billion a month earlier. First liens accounted for $32.7 billion and HELOCs volume was $1.3 billion — more than any other lender. JPMorgan Chase & Co. — which said last week that it has received regulatory approval to repay all of its $25 billion in TARP investments — was the third biggest residential lender, with $13.4 billion in April originations, down from $16.0 billion the prior month. First-mortgage business was $13.1 billion, and HELOC volume was $0.2 billion. The fourth biggest residential originator was Citigroup Inc., which funded $9.1 billion — climbing from $8.0 billion in March. Citi’s first-mortgage volume was $8.9 billion, while its HELOC originations were $0.2 billion. No. 5 U.S. Bancorp — which announced that it was approved to repay $6.6 billion in TARP funds — originated $5.9 billion in April, edging up slightly from March. First-mortgages accounted for $5.3 billion of the latest total, and HELOCs represented $0.6 billion. Fifth Third Bancorp didn’t make the top five, but it did manage an increase from March of $0.2 billion. Marshall & Ilsley Corp. was up $0.1 billion, and The Bank of New York Mellon Corp. rose by less than $0.1 billion. GMAC Financial Services, which a Treasury spokeswoman confirmed is not a top-21 TARP recipient, is running at a monthly rate of around $4.4 billion based on first-quarter production. April Residential Ranking
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