CitiMortgage ranked first among all jumbo lenders last year, but industry-wide residential fundings in this once hot sector fell by 57% according to new figures compiled by National Mortgage News (NMN) and the Quarterly Data Report.
NMN found that the nation's jumbo lenders originated just $139 billion in 2008, compared to $325 billion the year before. Citi's originations fell 32% to $23.3 billion.
Bank of America ranked second in jumbo production with $15.4 billion (down 41%) followed by Wachovia Mortgage ($14.5 billion/up 78%); Chase ($12.4 billion/down 57%); and Wells Fargo & Co. ($10.5 billion/down 83%).
Wachovia is now the property of Wells Fargo. Jumbo loans are above the Fannie Mae/Freddie Mac loan limit of $417,000, although there are GSE jumbo limits for high cost areas.
