Although residential origination volumes swooned in the second quarter, commercial mortgage production picked up nicely at many firms.
According to preliminary survey figures compiled by National Mortgage News and the Quarterly Data Report, some lenders more than doubled their originations.
Leading the commercial pack was PNC Real Estate/Midland Loan Services, which funded $3.8 billion of commercial mortgages in 2Q, a whopping 170% gain from the same period a year earlier.
PNC/Midland reported that it funded $2.96 billion of that amount directly to commercial borrowers. Roughly $844 billion was table funded through intermediary brokers.
The company was particularly strong in multifamily finance during the period, funding $1.47 billion of apartment loans, almost triple its volume in 2Q 2010.
NorthMarq Capital, Bloomington, Minn., also posted strong origination results, funding $1.88 billion of product, more that double what it produced a year ago.
Another large commercial mortgage banker, Walker & Dunlop, Bethesda, Md., reported $1.3 billion of new originations, a record for the firm.
Even smaller lenders such as Collers International, Boston, and Pace Financial, Columbus, Ohio, had strong results. Collers grew commercial production by 118%, Pace by 72%.
