Bank of America, the country’s largest mortgage lender, saw business drop off 14 percent in the third quarter, while total U.S. mortgage originations were down about 25 percent, according to a report by MortgageDaily.com. Overall third-quarter volume was 22 percent lower than it was in the second quarter, the report indicates. Compared to a year ago, however, fundings were 40 percent higher. Wells Fargo came in at No. 2 — relinquishing its top second-quarter ranking. Wells saw volume fall by over one-fourth from the second quarter. Mortgage originations at third-place JPMorgan Chase were off 10 percent from the second quarter, while GMAC Financial Services came in about 17 percent worse. TRD
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Residential lending drops by 25 percent
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