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DALLAS, April 03, 2017 -- Although quarterly mortgage originations dipped from the previous period, there was an increase in annual volume. There was some jockeying for position among the nation's 10-largest lenders.
U.S. home lenders originated an estimated $517 billion during the final-three months of 2016, according to data collected for the Mortgage Daily Fourth Quarter 2016 Mortgage Origination Survey.
Mortgage production declined from the previous three-month period, when $568 billion in residential loans were closed. But activity accelerated from $375 billion in the final quarter of 2015.
Banks were responsible for $236 billion of fourth-quarter 2016 originations, while credit unions generated $48 billion and non-banks accounted for $233 billion.
Wells Fargo maintained its position as the country's biggest mortgage lender.
PennyMac climbed to fourth position in the latest quarter from No. 5 in the third quarter, while Bank of America also moved up one spot to No. 5.
The fourth-biggest lender in the third-quarter ranking, US Bank, dropped to No. 6.
Originations By Lender - Q4 2016
| Wells Fargo | $ | 72 | |
| Chase | $ | 34 | |
| Quicken Loans | $ | 27 | |
| PennyMac | $ | 22 | |
| Bank of America | $ | 22 | |
For all of 2016, the nation's mortgage bankers generated $1.927 trillion in mortgage production -- including $846 billion at banks, $173 billion at credit unions and $909 billion at non-banks.
The overall total jumped from $1.683 billion in 2015.
Wells Fargo had the most originations last year, while BofA bumped U.S. Bank from the No. 4 spot.
Originations By Lender -- 2016
| Wells Fargo | $ | 249 | |
| Chase | $ | 117 | |
| Quicken | $ | 96 | |
| BofA | $ | 79 | |
| US Bank | $ | 79 | |
Wells Fargo also kept its title of biggest primary mortgage servicer.
Servicing Portfolios as of Dec. 31, 2016
| Wells Fargo | $ | 1,552 | |
| Chase | $ | 847 | |
| BofA | $ | 565 | |
| Nationstar Mortgage | $ | 484 | |
| US Bank | $ | 306 | |
Full Q4 2016 report (complimentary for reporters):
http://www.MortgageDaily.com/stories/BiggestLenders040317.asp?spcode=pr
Quarterly mortgage production by lenders:
http://www.mortgagedaily.com/FundingsConforming.asp?spcode=pr
Mortgage origination news at:
http://www.mortgagedaily.com/Fundings.asp?spcode=pr
About Mortgage Daily
Founded in 1998 by 20-year mortgage industry veteran Sam Garcia, Mortgage Daily is a leading online source of mortgage news and mortgage statistics for the mortgage industry. Visit Mortgage Daily at www.MortgageDaily.com.
CONTACT: [email protected] 214.521.1300
