Leading 'Alt A' Originators
Leading 'Alt A' OriginatorsIn the first half of 2007. Dollars in millions. | ||||||
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1 | IndyMac Bancorp Inc. (E) (1) Pasadena, Calif. | $27,803 | $29,998 | -7.3% | 13.34% | |
2 | Countrywide Financial Corp. (E) (1) Calabasas, Calif. | 19,610 | 17,588 | 11.5 | 9.41 | |
3 | Aurora Loan Services Inc. (2) Colo. | 17,468 | 18,538 | -5.8 | 8.38 | |
4 | Washington Mutual Seattle | 12,772 | NA | NA | 6.13 | |
5 | Morgan Stanley/Saxon Mortgage Glen Allen, Va. | 8,905 | NA | NA | 4.27 | |
6 | EMC Mortgage (3) Lewisville, Tex. | 7,883 | 30,089 | -73.8 | 3.78 | |
7 | Residential Capital LLC (GMAC ResCap) Minneapolis | 6,978 | 17,381 | -59.9 | 3.35 | |
8 | Chase Home Finance Iselin, N.J. | 6,759 | 4,577 | 47.7 | 3.24 | |
9 | GreenPoint Mortgage Funding (CL) Novato, Calif. | 5,953 | 8,374 | -28.9 | 2.86 | |
10 | First Magnus Financial Corp. (BK) Tucson | 5,805 | 6,680 | -13.1 | 2.78 | |
11 | Wells Fargo Home Mortgage San Francisco | 5,522 | 20,012 | -72.4 | 2.65 | |
12 | Wachovia Charlotte | 5,347 | 2,502 | 113.7 | 2.56 | |
13 | National City Mortgage Miamisburg, Ohio | 4,749 | 4,047 | 17.3 | 2.28 | |
14 | Ohio Savings/Amtrust Bank Cleveland | 3,554 | NA | NA | 1.70 | |
15 | Impac Funding Corp. (4) Irvine, Calif. | 3,377 | 4,220 | -20.0 | 1.62 | |
16 | MortgageIT (5) New York | 3,035 | 2,665 | 13.9 | 1.46 | |
17 | American Home Mortgage Investment (BK) Melville, N.Y. | 2,930 | 2,120 | 38.2 | 1.41 | |
18 | Taylor, Bean and Whitaker Ocala, Fla. | 2,870 | 2,637 | 8.8 | 1.38 | |
19 | Credit Suisse New York | 2,751 | 4,771 | -42.3 | 1.32 | |
20 | First Horizon Home Loans Irving, Tex. | 2,468 | 3,711 | -33.5 | 1.18 | |
21 | 1st National Bank of Arizona (6) Tempe | 2,199 | 3,071 | -28.4 | 1.05 | |
22 | HSBC Mortgage Corp. USA Depew, N.Y. | 1,858 | 1,761 | 5.5 | 0.89 | |
23 | Luminent Mortgage Corp. (E) San Francisco | 1,700 | 3,065 | -44.5 | 0.82 | |
24 | SunTrust Mortgage Inc. Richmond, Va. | 1,605 | 5,355 | -70.0 | 0.77 | |
25 | BB&T Corp. Wilson, N.C. | 1,519 | 1,296 | 17.2 | 0.73 | |
Top 25 totals: | $165,419 | $194,458 | -14.9% | 78.53% | ||
Total submitted: | $174,202 | $202,587 | -14.0% | 81.98% |
Notes: Alt-A loans are non-conforming in nature but have higher FICO scores than subprime loans. At press time the alt-A market was in the throes of a severe correction. (1) IndyMac and CFC have severely curtailed their alt-A production as have several other firms in this ranking. (2) ALS is owned by Lehman Bros. (3) EMC is owned by Bear Stearns. (4) Impac has severely curtailed its alt-A production. (5) MortgageIT is owned by Deutsche Bank. (6) First National recently shut its wholesale and correspondent channels. (BC) Lender is a subprime specialist. (BK) Firm filed bankruptcy protection. (CL) Lender was closed by parent recently but was still funding during the first-half. (HB) Owned by a home builder.
Source: NMN/Mid-year Data Report.
© 2007 American Banker