Mortgage bankers funded roughly $404 billion of home mortgages in the fourth quarter, a 13% sequential gain, but a 25% decline from the same period in 2010, according to final survey figures compiled by National Mortgage News and the Quarterly Data Report.
Overall, the quarter turned out to be better than some lenders had expected but the big news, once again, was the market dominance displayed by Wells Fargo & Co. Wells originated $120 billion of mortgages – through three different channels – amassing a record market share just shy of 30%.
Stated differently, the bank's closest competitor, JPMorgan Chase, was far behind at just $41 billion and market share of 10.31%.
According to NMN/QDR, eight of the top 10 funders experienced a production decline compared to 4Q 2010 – but all (except one) posted gains compared to the third quarter. The lone exception was Bank of America.
Lenders, for the most part, have enjoyed a strong first quarter – thanks to refis – but likely will fund less in the period than in 4Q. (For a full analysis see the Monday edition of NMN.)
