Top 10 residential lenders: Quicken Loans, BB&T join the list
Wells, BofA, Chase maintain industry dominance
By Inman News, Wednesday, May 5, 2010.Retail lenders Quicken Loans Inc. and BB&T Corp. elbowed their way onto a list of Top 10 residential lenders maintained by MortgageDaily.com for the first quarter, bumping MetLife Inc. and Flagstar Bank.
MetLife saw loan production plummet 41 percent from quarter to quarter -- the biggest drop among lenders analyzed, while Flagstar Bank saw a 37 percent drop in originations.
Rankings among the top eight lenders were unchanged, with Wells Fargo & Co. continuing to lead all lenders with $76 billion in originations, followed by Bank of America, Chase, GMAC, Citigroup, U.S. Bank, PHH Mortgage and SunTrust, MortgageDaily.com said.
Residential loan production for the industry as a whole was down 19 percent from the fourth quarter and 28 percent from a year ago. It was the third consecutive quarterly decline as the boom in refinancings winds down.
Encouraging signs for residential lending during the first quarter included the first non-agency securitization in two years, a rebound in mortgage insurance volume from record lows in February, and the reemergence of wholesale lending programs, MortgageDaily.com Publisher Sam Garcia said in a press release.
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Submitted by Barbara Delantoni on May 6, 2010 - 8:15am.
I'm finding that Bank of America is incapable of processing a loan in a reasonable period of time. I think they must have too much business for the number of staff they have on board. I've had two loans with them in the past month and a half that take forever to get through underwriting. Even calling supervisors and having them put a rush on does no good. What really hurts is these are approved short sales. After waiting 4-6 months to get short sale approval, it adds insult to injury to have my buyer's own lender drag their feet on simple approvals. 20% down, appraisals over contract price, makes no difference. I am encouraging my buyers to not use BOA until they get their act together.