Despite the housing recovery and home sales running 10.3 percent above the level of a year ago, mortgage originations are falling, signaling weakening refinancings.
Residential lenders originated 6.2% less during the first three months of 2013 than in the f
inal three months of 2012, according toMortgage Daily’s First-Quarter 2013 Mortgage Lender Ranking
. Estimated first-quarter originations by all U.S. lenders worked out to approximately $505 billion.
Though originations were off from the fourth quarter, several players still managed to increase business. Although the three-biggest mortgage servicers reduced their servicing portfolios, a trio of rising stars each added more than $100 billion to their portfolios. The second-quarter forecast calls for stronger production. Wells Fargo maintained its dominance as an originator, though its market share slipped.
Based on the Mortgage Market Index
from LoanSifter and Mortgage Daily
, second-quarter business is poised to increase 13 percent over the first quarter. Overall mortgage business improved 13.8 percent from the first-quarter 2012
The biggest decline among originators was at Ally Financial, where production tumbled 38 percent from the fourth-quarter 2012. Provident Funding saw a 28 percent decline, and PrimeLending fell 24 percent. The best improvement was Stonegate Mortgage’s 36 percent increase. Bank of America and SunTrust Mortgage each boosted business by 11 percent.
Biggest Q1 Originators
Despite Recovery, Mortgage Originations Fell 6.2 Percent in Q1 | Katonah NY Realtor | Bedford NY Real Estate | Robert Paul Talks Life in Bedford NY.