Top 'Alt-A' Lenders
October 20, 2008, 10:08 a.m. EDT 1 Min Read
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Top 'Alt-A' Lenders
Top 'Alt-A' LendersIn the first half of 2008. Dollars in millions. | |||||
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Rank | Volume | Year earlier | Change | Market Share | |
1 | HSBC Mortgage Corp. USA, Depew, N.Y. | $1,149 | $1,858 | -38.2% | 16.4% |
2 | Flagstar Bank, FSB, Troy, Mich. | 935 | 2,106 | -55.6% | 13.4% |
3 | Residential Capital, LLC (GMAC), Minneapolis | 909 | 6,978 | -87.0% | 13.0% |
4 | Chase, Iselin, N.J. | 786 | 6,759 | -88.4% | 11.2% |
5 | BB&T Corp., Wilson, N.C. | 712 | 1,519 | -53.1% | 10.2% |
6 | AmTrust Bank, Cleveland | 390 | 3,554 | -89.0% | 5.6% |
7 | Bank of America (1), Charlotte | 256 | 513 | -50.1% | 3.7% |
8 | First Horizon Home Loans, Irving, Tex. | 194 | 2,468 | -92.1% | 2.8% |
9 | Fifth Third Mortgage, Cincinnati | 147 | 573 | -74.3% | 2.1% |
10 | Aurora Loan Services, Inc. (2), Aurora, Colo. | 128 | 17,468 | -99.3% | 1.8% |
Top 10 totals: | $5,606 | $43,795 | -87.2% | 80.1% | |
Submitted totals: | $5,852 | $64,868 | -91.0% | 83.6% |
Notes: Alt-A loans are non-conforming in nature but have higher FICO scores than subprime. Some lenders include 'stated-income' loans in this category. Countrywide and IndyMac — that latter of which is now controlled by the FDIC — stopped disclosing their alt-A volumes last year. It's believed that both these institutions no longer fund alt-A. (1) Bank of America bought Countrywide on July 1. CFC would not disclose its 2Q alt-A production. (2) ALS is owned by Lehman Brothers which is in bankruptcy.
Source: NMN/Mid-Year Data Report (MDR).
Questions? Email:Paul.Muolo@SourceMedia.com
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