$571.9 Billion U.S. 1st Quarter Production

Washington Mutual biggest originator, servicer
By MortgageDaily.com staff
6/6/2002

During the first quarter of 2002, U.S. residential mortgage lenders originated $571.9 billion in home loans, according to a Thomson Media publication. Originations were down 7.4% from the fourth quarter's $618.0 billion, but up 47% from the first quarter last year.

Thomson said the first quarter 2002 was the second best quarter ever in terms of loan production for residential originators. While Thomson noted that "the entire industry is on track to produce a record $2.28 trillion in home loans this year" by extrapolating out the first quarter's production, experts expect less than $1.5 trillion in total production for the year.

The top five retail lenders control only 15% of the entire production market, according to Thomson. The top five lenders reported were:

1. Washington Mutual
2. Wells Fargo Home
3. Countrywide Home Loans
4. Chase Manhattan Mortgage
5. ABN AMRO Mortgage

$71.0 billion
$67.8 billion
$44.0 billion
$32.7 billion
$24.1 billion

Thomson said total estimated U.S. housing debt was $5.757 trillion at the end of the first quarter. The top servicer reported was Washington Mutual, with a total portfolio of $739.3 billion and a market share of 12.84%.

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