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More than half of last year's mortgage originations were generated by just three lenders, according to the Fourth Quarter 2010 Mortgage Lender Ranking from MortgageDaily.com.

Three Biggest Lenders Close Over Half of U.S. Mortgages

More than half of last year’s mortgage originations were generated by just three lenders, according to the Fourth Quarter 2010 Mortgage Lender Ranking from MortgageDaily.com.

Home loan closings by U.S. lenders during 2010 were around $1.530 trillion, down from 2009′s roughly $1.970 trillion. Wells Fargo, Bank of America and Chase originated 56 percent of last year’s business.

FHA’s 2010 market share rose to around 19.8 percent, up from 19.1 percent a year earlier.

Wells’ $387 billion in 2010 fundings made it the biggest lender, though business was down 8 percent.

The most growth versus 2009 among top-15 lenders came from PHH, where production climbed 30%. PNC’s 45% drop was the weakest performance.

Lenders tracked by Mortgage Daily saw fourth-quarter production climb 22 percent third quarter and 30% from the fourth-quarter 2009.

Wells also dominated fourth-quarter production, with business improving more than a quarter. PHH’s 45 percent segment was the best among the players, while USAA was the only top-15 player to see a decline: 22 percent.

Annual Originations

Rank

2010

2009

1

Wells

Wells

2

BofA

BofA

3

Chase

Chase

4

GMAC

Citigroup

5

Citigroup

GMAC

6

USBank

USBank

7

PHH

SunTrust

8

SunTrust

PHH

9

Quicken

MetLife

10

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