Top Subprime Lenders
| | |||||
| Published May 18, 2007 | |||||
| Subprime volume | Market share | ||||
| 2006 | 2005 | Change | |||
| 1 | HSBC Finance Prospect Heights, Ill. | $52,585 | $55,534 | -5.30% | 7.70% |
| 2 | New Century Financial Corp. (BK) Irvine, Calif. | 51,600 | 53,596 | -3.7 | 7.6 |
| 3 | Countrywide Financial Corp. Calabasas, Calif. | 40,596 | 44,637 | -9.1 | 5.9 |
| 4 | WMC Mortgage Corp. (1) Burbank, Calif. | 33,162 | 31,796 | 4.3 | 4.9 |
| 5 | Fremont Investment and Loan (E) (2) Santa Monica, Calif. | 31,838 | 36,242 | -12.2 | 4.7 |
| 6 | Option One Mortgage Corp. (3) Irvine, Calif. | 29,811 | 40,097 | -25.7 | 4.4 |
| 7 | Wells Fargo Home Mortgage San Francisco | 27,869 | 30,337 | -8.1 | 4.1 |
| 8 | First Franklin Financial (4) San Jose, Calif. | 27,725 | 29,416 | -5.7 | 4.1 |
| 9 | Washington Mutual (E) (5) Seattle | 26,837 | 34,491 | -22.2 | 3.9 |
| 10 | Ameriquest Mortgage Corp./Argent (E) (6) Orange, Calif. | 25,578 | 49,176 | -48.00 | 3.70 |
| 11 | CitiFinancial (E) (7) Baltimore | 23,500 | 20,509 | 14.6 | 3.4 |
| 12 | GMAC-RFC Minneapolis | 21,883 | 25,258 | -13.4 | 3.2 |
| 13 | Accredited Home Lenders (8) San Diego | 15,603 | 16,583 | -5.9 | 2.3 |
| 14 | BNC Mortgage Inc. (9) Irvine, Calif. | 13,725 | 16,072 | -14.6 | 2 |
| 15 | Chase Home Finance Woodcliff Lake, N.J. | 11,548 | 9,655 | 19.6 | 1.7 |
| Top 15 Totals | $435,867 | $495,403 | -12.00% | 63.50% | |
| Submitted Totals | $569,313 | $654,633 | -13.00% | 79.00% | |
Notes: Results may be incomplete because some firms would not provide production volumes. Market share cut based on estimated industry-wide subprime production of $683.2 billion in 2006. (1) WMC is owned by General Electric. (2) Fremont is in the process of selling its subprime unit. (3) OOMC may be sold shortly. (4) First Franklin was bought by Merrill Lynch in late 2006. (5) WaMu stopped disclosing its subprime volume last year. Its B&C arm is called Long Beach Mortgage. (6) Citigroup has an option to buy part of Ameriquest/Argent. Argent is the wholesale arm which accounts for most of the firms production. (7) Citigroup stopped disclosing subprime volumes last year. (8) Accredited is for sale. (9) BNC is owned by Lehman. (E) Loan volume is an estimate. (BK) Firm has filed for bankruptcy protection.
Source: NMN/Annual Data Report.
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