Wells Fargo Leads In HE Volume
Of the top residential second lien lenders during the first half of 2005, Wells Fargo Home Mortgage turned out to be the largest lender of seconds in terms of actual loans granted. San Francisco-based Wells Fargo Home Mortgage turned out 336,166 loans during 2005's first half. This is despite actually seeing a 5% decline in loan volume from the year-earlier period, as well as being the only lender in the group to experience a decline in the top 10.
A grand total of 1.96 million residential second-lien loans were granted during the first half of 2005 by the top 10 lenders, up 43% from the 1.37 million loans funded during the same period the year prior, according to figures provided by MSN's data affiliate.
Countrywide Financial Corp., Calabasas, Calif., was hot on Wells Fargo's lead in terms of number of loans funded in 2005's first half, with 326,455 seconds funded. Iselin, N.J.-based Chase Home Finance rounded out the first half of the year granting 305,480 loans, 33% more than the 229,203 loans Chase offered during 2004's first half.
Bank of America, Charlotte, N.C., funded 301,119 second liens from January through June 2005, an 8% rise in volume. O'Fallon, Mo.-based CitiMortgage funded 198,541, a hearty 90% rise in volume from the year-earlier period.
Seattle-based Washington Mutual came in at No. 6 on the list of top 10 lenders in this sector, granting 188,983 residential second lien loans. National City Bank from Cleveland followed, with 129,196.
Rounding off the top 10 residential second-lien lenders - in terms of volume - for the first half of 2005 (with year-earlier volume in parentheses) are Horsham, Pa.-based GMAC Residential Holdings with 76,374 (67,995); HSBC Mortgage Services, Charlotte, N.C., with 49,470 (not applicable); and First Horizon Home Loans, Irving, Texas, with 49,159 (39,352).
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