ICBA Mortgage, a subsidiary of the Independent Community Bankers of America, originated $7.2 billion of residential loans during the first quarter, nearly triple its production volume of a year ago."These numbers are a dramatic indication that community bankers are regaining lost market share in the residential mortgage arena," said David Petro, president and chief executive of ICBA Mortgage. In Q1 refinancings comprised 80% of the mortgages originated by the 1,200 participating banks. The loans are funded through Fannie Mae, Freddie Mac, and Taylor, Bean & Whitaker. Of the loans funded through TBW, 40% were FHA-insured.
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