Leading Subprime Originators
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| Published October 24, 2006 | ||||||
| Production | Year earlier | Change | Market share | Change | ||
| 1 | Wells Fargo Home Mortgage (1) San Francisco | $43,783 | $11,858 | 269.20% | 11.97% | 8.10% |
| 2 | HSBC Finance Prospect Heights, Ill. | 28,538 | 22,497 | 26.9 | 7.8 | 0.4 |
| 3 | New Century Financial Corp. Irvine, Calif. | 25,600 | 20,504 | 24.9 | 7 | 0.3 |
| 4 | Countrywide Financial Corp. Calabasas, Calif. | 20,411 | 19,640 | 3.9 | 5.58 | -0.9 |
| 5 | Fremont Investment & Loan Santa Monica, Calif. | 18,078 | 15,523 | 16.5 | 4.94 | -0.1 |
| 6 | Option One Mortgage Corp. (2) Irvine, Calif. | 15,963 | 16,672 | -4.3 | 4.36 | -1.1 |
| 7 | Ameriquest Mortgage Corp. (E) (3) Orange, Calif. | 15,578 | 23,270 | -33.1 | 4.26 | -3.4 |
| 8 | WMC Mortgage Corp. (E) (4) Woodland Hills, Calif. | 14,100 | 12,244 | 15.2 | 3.85 | -0.2 |
| 9 | Washington Mutual (5) Seattle | 13,702 | 15,312 | -10.5 | 3.74 | -1.3 |
| 10 | CitiFinancial (E) (6) Baltimore | 12,400 | 7,334 | 69.10 | 3.39 | 1.00 |
| 11 | First Franklin Financial (7) San Jose, Calif. | 12,250 | 11,136 | 10 | 3.35 | -0.3 |
| 12 | GMAC-RFC Minneapolis | 10,483 | 7,008 | 49.6 | 2.86 | 0.6 |
| 13 | Accredited Home Lenders (8) San Diego | 7,666 | 6,460 | 18.7 | 2.1 | 0 |
| 14 | BNC Mortgage Inc. (9) Irvine, Calif. | 7,025 | 6,284 | 11.8 | 1.92 | -0.1 |
| 15 | Chase Home Finance Woodcliff Lake, N.J. | 5,601 | 3,860 | 45.1 | 1.53 | 0.3 |
| Top 15 total: | $253,184 | $201,607 | 25.60% | 68.64% | 3.20% | |
| Totals submitted: | $318,189 | $265,221 | 20.00% | 83.39% | 0.50% | |
Notes: Subprime market share based on estimated first-half production of $384 billion. Some subprime lenders include other, nontraditional loans in their totals which may distort their production volumes. (1) WFHM is a large correspondent buyer of subprime loans. (2) Option One is owned by H&R Block. (3) Ameriquest's volume includes that of its wholesale arm, Argent. The two usually do not disclose their production figures. (4) WMC is owned by GE which stopped reporting its production in late 2005. (5) Long Beach Mortgage is the name of WaMu's subprime arm. (6) Citigroup stopped disclosing CitiFinancial's subprime originations in late 2005. (7) FFFC is being sold to Merrill Lynch. 8) Accredited is buying Aames Financial. (9) BNC is owned by Lehman Bros. (E) Estimate.
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© 2006 American Banker