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Article: Mortgage loans by top players surge by 35%. (Countrywide Credit Industries Inc., Prudential Home Mortgage Company Inc., Norwest Mortgage Inc., Fleet Mortgage Group Inc., North American Mortgage Co.)
- Article from:
- American Banker
- Article date:
- July 12, 1993
- Author:
CopyrightCOPYRIGHT 1993 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The nation's top five mortgage lenders, thriving on the refinancing boom, posted spectacular originations during the first half of the year.
An American Banker survey found that loan production at the top five surged by an average of 35% from a year earlier, more than double the gain of the mortgage industry as, a whole.
The leaders' hefty increase was the latest sign of a major consolidation in the businesses of writing and servicing home loans.
Countrywide in Lea
The top five lenders accounted for about 16% of all new mortgages in the first half of 1993, up from 14% a year earlier. The ranking of the top four lenders was unchanged ...