Mortgage Volume Ranking

mortgagestats | 06 March, 2010 19:46

Rank	Company	Location	2008	2007	Change	Market Share
1	Wells Fargo & Company	San Francisco, CA	$237,160	$271,932	-13%	15.11%
2	Chase	Iselin, NJ	$187,142	$210,201	-11%	11.92%
3	Bank of America	Charlotte, NC	$182,213	$189,213	-4%	11.61%
4	Countrywide	Calabasas, CA	$132,025	$408,234	-68%	8.41%
5	CitiMortgage, Inc.	O'Fallon, MO	$115,386	$197,965	-42%	7.35%
6	Ally Bank/Residential Capital, LLC (GMAC)	Bloomington, MN	$57,333	$95,483	-40%	3.65%
7	Wachovia Bank, N.A.	Charlotte, NC	$51,313	$99,218	-48%	3.27%
8	Washington Mutual Inc.	Seattle, WA	$40,476	$142,151	-72%	2.58%
9	SunTrust Bank	Richmond, VA	$37,246	$59,404	-37%	2.37%
10	Colonial Bank NA	Montgomery, AL	$35,246	$47,188	-25%	2.25%

Market share information is based on an estimated total market size of $1,569,486,000,000

Residential Lenders Ranked by Total Volume

Dollars in Millions

Rank	Company	2009Q3
1	Wells Fargo & Company	$121,200
2	Chase	$38,402
3	JPMorgan Chase Bank NA	$36,342
4	US Bank NA Cincinatti	$13,856
5	CitiMortgage, Inc.	$11,475
6	Branch Banking & Trust Company	$9,638
7	MetLife Bank NA	$7,907
8	Texas Capital Bank NA	$3,515
9	National City Bank Cleveland	$3,473
10	HSBC Mortgage	$1,848

Residential Lenders

 

Foreclosure Filings Increase By 21%

mortgagestats | 23 February, 2010 03:13

Foreclosure Filings Increase By 21%

By Jennifer Harmon

A massive supply of delinquent loans continues to loom over the housing market, and many of those delinquencies will end up in the foreclosure process in 2010 and beyond as lenders gradually work their way through the backlog.

Recent data from RealtyTrac showed over 3.9 million foreclosure filings, including default notices, scheduled foreclosure auctions and bank repossession were reported on 2.8 million properties in 2009, up 21% from 2008 and 120% from 2007.

"As bad as the 2009 numbers are, they probably would have been worse if not for legislative and industry-related delays in processing delinquent loans," said James Saccacio, chief executive officer of RealtyTrac, Irvine, Calif.

"After peaking in July with over 361,000 homes receiving a foreclosure notice, we saw four straight monthly decreases driven primarily by short-term factors: trial loan modifications, state legislation extending the foreclosure process and an overwhelming volume of inventory clogging the foreclosure pipeline."

Despite all the delays, foreclosure activity still hit a record high for the company's yearend 2009 Foreclosure Market Report, capped off by a substantial increase in December, Mr. Saccacio said.

"In the long term a massive supply of delinquent loans continues to loom over the housing market, and many of those delinquencies will end up in the foreclosure process in 2010 and beyond as lenders gradually work their way through the backlog," he added.

More than 10% of Nevada housing units received at least one foreclosure filing in 2009, giving it the nation's highest state foreclosure rate for the third consecutive year. Nevada activity in December increased 27% from November but was still down 22% from December 2008.

Fourth-quarter foreclosure activity in Nevada was down 37% from the previous quarter thanks to substantial decreases in October and November.

Arizona registered the nation's second highest state foreclosure rate in 2009, with more than 6% of its housing units receiving at least one filing during the year, and Florida registered the nation's third highest rate, with 5.93% of its housing units receiving at least one filing in 2009.

Other states with foreclosure rates ranking among the nation's 10 highest were California (4.75%), Utah (2.93%), Idaho (2.72%), Georgia (2.68%), Michigan (2.61%), Illinois (2.5%) and Colorado (2.37%).

California, Florida, Arizona and Illinois accounted for more than 50% of the nation's 2009 total, with more than 1.4 million properties receiving a foreclosure filing.

In California, 632,573 properties received a filing in 2009, up 21% from 2008. Florida reported 516,711 properties with filings, a 34% increase over 2008.

Activity in Arizona included 163,210 properties with a filing in 2009, up 40% from a year earlier.

A total of 131,132 Illinois properties received a filing, an increase of 32% from 2008.

Other states with 2009 totals among the 10 highest in the country were Michigan (118,302), Nevada (112,097), Georgia (106,110), Ohio (101,614), Texas (100,045) and New Jersey (63,208).

Cities in four Sun Belt States accounted for all top 20 foreclosure rates in 2009, but activity spread into prior insulated areas.

 

Refinance Volume Muted

mortgagestats | 08 February, 2010 19:35

Refis from Record-Low Rates Muted, But Effect Is 'Not Zero'

By Bonnie Sinnock

Rates continue to fall to never-before-seen lows but this refinancing wave is unlikely to match the size of the one seen when rates last fell to new depths earlier this year.

"The impact is now smaller," said Art Frank, director and head of mortgage-backed securities research at Deutsche Bank Securities. "[Underwriting] standards are tighter and [industry] outreach is diminished."

The Mortgage Bankers Association's refinancing index, a measure of loan application activity, has been around 3000 lately, compared to 6000 when record lows first hit in the spring, he noted. The refi index hasn't even reached 3500 since the beginning of June, he added.

The latest prepayment numbers last Thursday at press time had not been released but Mr. Frank was anticipating only a modest pickup.

He noted that refi-driven prepayment surges in 5 and 5.5 coupons would likely be scarce but the effect of delinquencies on 6s and 6.5s in terms of modifications and buyouts of delinquent loans could be a "bigger concern" in early 2010.

While the effect of recent record-low rates may be less of a driver in the context of prepays than loan performance, and is not expected to be very large, it is "not zero," Mr. Frank noted. (However, where rates are headed - like the prepayment number - was somewhat unknown at the time of this writing. Key employment numbers that could determine that were set for release last Friday after this column went to press.)

As previously noted in this column, rates are expected to rise early next year if the Fed stops buying agency MBS by the end of the first quarter. But other investors are likely to step in as it departs and ensure the rise is a gradual one.

On a recent trip to visit Asian accounts, Mr. Frank said opinions on agency MBS were varied with some continuing to buy while others expressing the opinion spreads have been too tight and have been waiting for spreads to widen out with the Fed's planned departure. For several players, concerns about the future of Fannie Mae and Freddie Mac have "diminished significantly" in contrast to what was seen just before the two agencies were placed into government conservatorship, he said.

For the time being, real estate investment trusts investing in agency MBS may be selectively attractive, according to a equity research report by Sandler O'Neill and Partners LP, which is initiating coverage on the sector.

Even though a rally in the sector may be "running out of steam" it is considered "attractive, particularly for conservative investors seeking to earn low- to mid-teen returns," associate director Michael Taiano and associate Michael Sarcone said in the report.

"We believe the favorable environment will likely continue into next year but are concerned that the hint of a Fed tightening cycle and/or the phase-out of the Fed's MBS purchase program could deflate the stocks' upward momentum in 2010. Consequently, we recommend being selective within the group and buying those REITs that have more balanced models and cheaper valuations," they added.

The company covers six agency mortgage REITs and has "buy" recommendations on two of them: Annaly and Anworth, primarily based on the former's "more diversified and balanced model, along with its track record of managing through various interest rate cycles" and the latter's "more defensive strategy toward higher rates" as well as the fact that "its valuation is the cheapest among the group."

Sandler O'Neill has "hold" recommendations on the other agency mortgage REITs it covers: Capstead, MFA, American Capital Agency Corp. and Hatteras Financial Corp.

In other news, MBS investor Ellington Financial LLC filed a preliminary prospectus for an initial public offering. It is managed and advised by former Kidder Peabody head MBS trader Michael Vranos' Ellington Management Group Inc. Mr. Vranos was raised in Ellington, Conn., and has managed mortgage assets through some challenging market cycles.

Mortgage Production by Company for Q3 09

mortgagestats | 18 December, 2009 10:24

Residential Lenders Ranked by Total Volume in 2009Q3

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Dollars in Millions

Rank	Company	Location	2009Q3	2008Q3	Change
1	Wells Fargo & Company	San Francisco, CA	$121,200	$65,337	85%
2	Bank of America	Charlotte, NC	$87,761	$10,390	745%
3	JPMorgan Chase Bank NA	Columbus, OH	$36,342	$30,171	20%
4	US Bank NA Cincinatti	Cincinatti, OH	$13,856	$7,018	97%
5	CitiMortgage, Inc.	O'Fallon, MO	$11,475	$20,649	-44%
6	Branch Banking & Trust Company	Wilson, NC	$9,638	$3,105	210%
7	MetLife Bank NA	Bridgewater, NJ	$7,907	$1,573	403%
8	Texas Capital Bank NA	Dallas, TX	$3,515	$2,025	74%
9	National City Bank Cleveland	Cleveland, OH	$3,473	$3,512	-1%
10	HSBC Mortgage	Depew, NY	$1,848	$2,428	-24%

Current Mortgage Industry Stats

mortgagestats | 05 December, 2009 12:18

Mortgage Employment

Mortgage Industry Continues to Tap Temp Workforce

The mortgage industry continues to shrink in terms of full-time employees as companies rely more on temporary workers to deal with servicing and origination demand. The U.S. Bureau of Labor Statistics reported that mortgage companies cut 3,700 full-time workers from their payrolls in October, including 1,700 mortgage brokers. Overall employment in the mortgage banker/broker sector fell to 255,500 in October from 259,200 in September. "You have a lot of temps being hired," a Mortgage Bankers Association executive said, noting that those figures do not show up in the BLS mortgage sector data. MBA associate vice president of industry analysis Marina Walsh said that mortgage firms are definitely hiring servicing-related workers but it is hard for them to justify hiring full-timers given the volatility in the market. "To forecast what it going to happen with originations and interest rates is very difficult," she said. Meanwhile, Friday's jobs report provided some good news with the national unemployment rate falling to 10% from 10.2% previously. BLS also revised downward the job losses in October and September - by a combined 150,000. (There is a one-month lag in BLS reporting of mortgage industry employment data.)

( December 4, 2009 )

New Home Sales

Market for Newly Built Houses Sees Some Revival

New home sales rebounded 6.2% in October after a slight 2.4% dip in the previous month, while the inventory of newly constructed homes plunged to a 38-year low. The U.S. Census Bureau found that the new home inventory fell to a 6.2-month supply during the month, down from a 12-month supply in January. "If you are looking for a sign that builders need to start swinging their hammers soon, this is it," said Mike Larson, real estate analyst at Weiss Research. Sales of new single-family homes rose to a 430,000 seasonally adjusted annual rate in October, up from 405,000 in September. The sales are now 5% above the pace in October 2008. "The evidence continues to show stabilization in the housing market," Mr. Larson said.

( November 25, 2009 )

Existing Home Sales

Existing Home Sales up 9.7% in October

Sales of single-family existing homes jumped 9.7% in October following an 8.7% jump in September, as first-time buyers rushed to take advantage of the $8,000 tax credit, according to the National Association of Realtors. NAR economist Lawrence Yun expects robust sales in November and a drop off in December. "With such a sales spike, a measurable decline should be anticipated in December and early next year before another surge in spring and early summer," he said. The Realtors reported that sales of previously owned single-family homes jumped to a seasonally adjusted annual rate of 5.33 million in October from 4.86 million in September. The first-time buyer tax credit was due to expire at the end of November, but Congress extended it and created a new $6,500 tax credit for repeat and move-up buyers. The extension runs from Dec. 1 through April 30 and it gives buyers with a binding sales contract an extra 60 days to close. The median sales price of a single-family home in October was $173,100 in October, down 6.8% from a year ago. The Realtors noted that 30% of sales involved short sales and foreclosed properties. Meanwhile, inventories of unsold homes, including condominiums and coops, fell to a seven-month supply at the current sales pace. The supply of homes on the market is now at the lowest level in two and a half years, the NAR chief economist said.

( November 23, 2009 )

Housing Starts

Single-Family Starts Drop 6.8% as Multifamily Plummets 33%

Single-family housing starts dropped 6.8% in October from the previous month while multifamily starts plummeted 33% to the slowest pace on record. The U.S. Census Bureau reported that single-family housing starts fell to a 476,000 seasonally adjusted annual rate in October from a 511,000 rate in September. Builders held back on starting construction of new homes due to the possible expiration of the $8,000 first-time buyer tax credit, according to the National Association of Home Builders. Congress recently extended the tax credit and expanded it to repeat buyers. "We hope and expect that this will have a substantial stimulative effect on home sales and help keep the housing market solidly on the road to recovery," NAHB chairman Joe Robson said. Meanwhile, construction of multifamily units fell to a 48,000 seasonally adjusted annual rate in October from a 72,000 rate in September. Multifamily starts have fallen 78% since October 2008 as vacancy rates rise and lenders tightening lending standards.

( November 18, 2009 )

Existing Home Sales Up 9.7% in October

mortgagestats | 23 November, 2009 19:12

Existing Home Sales up 9.7% in October

November 23, 2009

Sales of single-family existing homes jumped 9.7% in October following an 8.7% jump in September, as first-time buyers rushed to take advantage of the $8,000 tax credit, according to the National Association of Realtors. NAR economist Lawrence Yun expects robust sales in November and a drop off in December. "With such a sales spike, a measurable decline should be anticipated in December and early next year before another surge in spring and early summer," he said. The Realtors reported that sales of previously owned single-family homes jumped to a seasonally adjusted annual rate of 5.33 million in October from 4.86 million in September. The first-time buyer tax credit was due to expire at the end of November, but Congress extended it and created a new $6,500 tax credit for repeat and move-up buyers. The extension runs from Dec. 1 through April 30 and it gives buyers with a binding sales contract an extra 60 days to close. The median sales price of a single-family home in October was $173,100 in October, down 6.8% from a year ago. The Realtors noted that 30% of sales involved short sales and foreclosed properties. Meanwhile, inventories of unsold homes, including condominiums and coops, fell to a seven-month supply at the current sales pace. The supply of homes on the market is now at the lowest level in two and a half years, the NAR chief economist said.

Top National Lenders By Total Volume

mortgagestats | 08 November, 2009 06:51

Residential Lenders Ranked by Total Volume in 2008

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Dollars in Millions

Rank	Company	Location	2008	2007	Change
1	Wells Fargo & Company	San Francisco, CA	$237,160	$271,932	-13%
2	Chase	Iselin, NJ	$187,142	$210,201	-11%
3	Bank of America	Charlotte, NC	$182,213	$189,213	-4%
4	Countrywide	Calabasas, CA	$132,025	$408,234	-68%
5	CitiMortgage, Inc.	O'Fallon, MO	$115,386	$197,965	-42%
6	Residential Capital, LLC (GMAC)	Bloomington, MN	$57,333	$95,483	-40%
7	Wachovia Bank, N.A.	Charlotte, NC	$51,313	$99,218	-48%
8	Washington Mutual Inc.	Seattle, WA	$40,476	$142,151	-72%
9	SunTrust Bank	Richmond, VA	$37,246	$59,404	-37%
10	Colonial Bank NA	Montgomery, AL	$35,246	$47,188	-25%

Existing Home Sales Up 9.4% in September: Mortgagestats.com

mortgagestats | 30 October, 2009 02:18

Existing Home Sales

Existing Home Sales up 9.4% in September

Single-family existing home sales jumped 9.4% in September to the highest level in two years as more first-time homebuyers took advantage of the $8,000 tax credit before it is set to expire soon, according to the National Association of Realtors. "Much of the momentum is from people responding to the first-time buyer tax credit, which is freeing many sellers to make a trade and buy another home," said NAR chief economist Lawrence Yun. The Realtors reported that sales of previously owned single-family homes jumped to a seasonally adjusted annual rate of 4.89 million in September from 4.47 million in August. The September report shows that the supply of unsold homes fell to a 7.6-month supply at the current sales pace, down from a 9.4-month supply a year ago. In addition, the decline in the sale price is slowing. The median sales price of previously used homes was $174,900 in September, which is 8.1% below the price a year ago. Six months ago in March, the median sales price was down 11.5% from a year ago. "The looming expiration of the tax credit, combined with stabilization in the broader economy and cheap home prices, drove sales to the highest level we've seen in a couple of years, " said Weiss Research analyst Mike Larson. If Congress allows the tax credit to expire on November 30, he warned there will be a "noticeable" slowdown in sales for a couple of months. "I don't think it derails the overall recovery. That's being driven by fundamental forces, such as the dramatic improvement in housing affordability," Mr. Larson said.

Mortgagestats.com

mortgagestats | 23 October, 2009 21:19

Top Lenders by State

The information on this page is from reports filed under the Home Mortgage Disclosure Act. Figures are available for 2008 and 2007.

Top States by Mortgage Lending Volume, 2008

Dollars in thousands

Rank	State	2008
1	California	$ 363,094,865
2	Texas	$ 112,938,856
3	Florida	$ 102,532,987
4	Illinois	$ 101,016,098
5	New York	$ 95,139,669
6	New Jersey	$ 79,348,833
7	Washington	$ 76,138,784
8	Virginia	$ 74,133,602
9	North Carolina	$ 63,086,701
10	Pennsylvania	$ 62,544,437
11	Georgia	$ 60,951,185
12	Maryland	$ 59,852,188
13	Massachusetts	$ 59,243,633
14	Colorado	$ 55,353,857
15	Arizona	$ 51,347,769
16	Ohio	$ 40,960,535
17	Michigan	$ 38,175,344
18	Wisconsin	$ 37,711,505
19	Missouri	$ 35,791,270
20	Oregon	$ 34,727,376
21	Tennessee	$ 33,755,912
22	Minnesota	$ 31,279,902
23	Utah	$ 30,513,450
24	Connecticut	$ 30,437,881
25	South Carolina	$ 29,092,996
26	Indiana	$ 26,678,526
27	Alabama	$ 25,530,078
28	Nevada	$ 21,281,271
29	Louisiana	$ 18,139,005
30	Kentucky	$ 16,785,779
31	Kansas	$ 16,054,822
32	Oklahoma	$ 14,678,123
33	Hawaii	$ 13,665,832
34	Iowa	$ 12,550,001
35	Arkansas	$ 11,680,166
36	New Mexico	$ 10,997,034
37	Idaho	$ 10,955,494
38	Mississippi	$ 10,678,511
39	New Hampshire	$ 9,313,531
40	Delaware	$ 7,981,455
41	Puerto Rico	$ 7,882,362
42	Nebraska	$ 7,377,541
43	District of Columbia	$ 7,160,597
44	Maine	$ 7,156,665
45	Rhode Island	$ 6,545,630
46	Montana	$ 6,508,308
47	West Virginia	$ 5,566,066
48	Alaska	$ 5,321,286
49	Wyoming	$ 4,107,385
50	South Dakota	$ 3,903,808
51	Vermont	$ 3,738,276
52	North Dakota	$ 2,521,791

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mortgagestats | 23 October, 2009 21:16

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