Loan brokers may not be toast after all. According to new figures compiled by National Mortgage News, wholesale funding picked up slightly in the fourth quarter. Loans that were table funded by wholesalers accounted for 13.4% of all production in 4Q, a bounce from the all-time low of 13% reached in the third quarter. Three years ago table funding through brokers accounted for 28% of all residential loans originated in the U.S. NMN and its Quarterly Data Report found that Provident Funding, Burlingame, Calif., ranked first among all wholesale lenders in 4Q, originating $8.6 billion through loan brokers, edging out Wells Fargo & Co., San Francisco, which table funded $8.1 billion. Bank of America, which owns the old Countrywide Financial wholesale platform, ranked third with $6.4 billion. The nation's top 15 wholesale lenders, as a group, originated $51 billion in residential loans, a 42% increase from 4Q08. Then again, the fourth quarter of 2008 was one of the worst periods in terms of originations for mortgage bankers in 10 years.
A Slight Rebound for Wholesale in 4Q
Published March 23, 2010, 1:00 p.m. EDT
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