First quarter mortgage originations tumbled from a year earlier but were better than the fourth quarter, according to an analysis of earnings data by mortgagedaily.com.
Among 14 of the largest U.S. primary lenders, residential volume was $370.6 billion for Q1 2008, down about 22 percent from the first quarter 2007, but up about 3 percent from the fourth quarter.
Countrywide Financial Corp., which is expected to be acquired by Bank of America Corp. during the third quarter, retained the No. 1 spot with $73 billion in Q1 originations.
Total business from the merged operation should leave the combined entity as the country’s biggest lender. Coming in at No. 2 in originations was Wells Fargo with $66 billion and JP Morgan Chase & Co. with 53.8 billion.
