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Countrywide Ranks #1 in B&C Servicing.
Countrywide Home Loans is now the largest subprime residential servicer in the nation, eclipsing such industry stalwarts as Household Finance and CitiFinancial.
Moreover, Countrywide's ascension to the top of the subprime heap comes eight years after it funded its first subprime loan.
According to new rankings compiled by Mortgage Servicing News, the Calabasas, Calif.-based Countrywide serviced $58.07 billion in subprime home mortgages at the end of June, a 104% increase from the same period last year. (See table, page 1)
Household Finance, Prospect Heights, Ill., ranked second with $56 billion, and CitiFinancial, Baltimore, ranked third with $54 billion. (Household is owned by a foreign bank, HSBC Holdings, while CitiFinancial is owned by financial services giant, Citigroup.)
For several years either Household or CitiFinancial (or its predecessor companies) have ranked first among B&C servicers.
It has been no secret that Countrywide likes the subprime market. In the second quarter, Countrywide (also the nation's largest "A" paper lender) funded $9.55 billion in subprime mortgages.
In that quarter, subprime production accounted for about 10% of its overall ...
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Source: HighBeam Research, Countrywide Ranks #1 in B&C Servicing.