So, Just How Bad was 1Q in Terms of New Lending?

When it comes to mortgage lending, the nation’s megabanks are in an interesting position. When applications boom they (in theory) have more financial wherewithal than the little guy to capture market share. And of course, because they have so much market share, they are also in a position to suffer the most. (The bigger they are, the harder they fall.) But a glance at first quarter surveys being collected by the data division of National Mortgage News shows that at least three megabanks (Citibank, JPMorgan Chase, and Wells Fargo) didn’t do so badly (compared to 1Q 2010) while certain small to mid-sized lenders took it on the chin. However, one nonblank lender had a stellar first quarter: Mortgage Investors Corp. of St. Petersburg, Fla., which saw loan production jump by 41%...