It was quite a year for the residential finance sector in 2001 -- a record year, in fact. According to National Mortgage News and its Quarterly Data Report affiliate, lenders of all stripes produced $2.066 trillion in home mortgages, almost double the previous year's volume..
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The top lender in 2001 was Wells Fargo Home Mortgage with a stunning volume of $195.6 billion. Washington Mutual ranked third with $166.12 billion but WaMu's figures exclude its purchase of Dime Bancorp (the sale did not close until January) and HomeSide Lending, a deal that is expected to close by the end of March...
NMN/QDR are still crunching full-year results but have final rankings for the top 100 for the fourth quarter...
Who was the top correspondent lender in the quarter? That would be Chase Manhattan Mortgage which is heavily dependent on buying loans from others. Chase produced $50.4 billion in home mortgages during the quarter -- 55.36% of which the bank-owned unit bought from other originators...
In the fourth quarter, First Horizon Home Loans, Irving, Texas, exited the subprime origination business. In the third quarter First Union National Bank of Delaware did the same...
It looks as though General Electric will be reporting more detailed information about the earnings of all its business, including its G.E. Capital Mortgage Insurance unit in Raleigh, N.C. It will be interesting to see how GECMI stacks up against such publicly traded MIs as MGIC, PMI, and Radian...
Ed Raice has left the Bear Stearns-controlled EMC Mortgage Corp. in Irving, Texas. At last check Mr. Raice served as president of the company, a specialty servicer. He could not be reached for comment. EMC was sometimes referred to as "Ed's mortgage company"...
