Mortgage bankers originated $416 billion of single-family loans in the third quarter, the industry's best showing of the year, but a slight decline compared to the same period 3Q 09.
According to figures compiled by National Mortgage News and the Quarterly Data Report, banks, thrifts, nonbanks and other lenders originated $1.1 trillion of loans during the first nine months of the year. In 3Q refinancings accounted for close to 75% of production, compared to 50% and 66% in Q2 and Q1, respectively.
In 2009 the industry originated $1.9 billion in product with refis accounting for about 65% of activity.
Meanwhile, Freddie Mac this week revised its production forecast for 2011, whittling it down slightly to $1.2 trillion, from $1.3 trillion.
In 3Q, Wells Fargo & Co. once again led the origination pack, funding $102 billion of loans. Its production rose 5% year-over-year.
Bank of America ranked second with $74 billion, a 25% decline from 3Q09. (For a complete ranking and fuller analysis see the Monday paper edition of NMN.)
