BofA, Wells Post Highest 2008 Originations

Bank of America Corp. (BAC) and Wells Fargo (WFC) took the top originating positions in the commercial and multifamily market in 2008, according to a report released Tuesday by the Mortgage Bankers Association. The MBA’s top 10 list also includes PNC Real Estate, Holliday Fenoglio Fowler LP, Wachovia, GE Real Estate, Capmark Financial Group Inc., CBRE | Melody, Deutsche Bank Commercial Real Estate and KeyBank Real Estate Capital, according to the MBA. In terms of originations by investor group, Capmark filled the top originator position for Freddie Mac (FRE), Federal Housing Administration/Ginnie Mae and specialty finance. BofA took the lead for commercial banks and savings institutions and conduits. MetLife Inc. Real Estate Investments posted the top originator position for life insurance companies. PNC nabbed the top originator position for Fannie Mae (FNM). KeyBank was top originator for real estate investment trusts (REITS), mortgage REITS and investment funds. MBA also named TIAA-CREF top originator for pension funds, GE Real Estate for credit companies, and Wells for other investors. Holliday Fenoglio Fowler, CBRE | Melody, Wells, NorthMarq Capital, and PNC took the top-five intermediary positions by dollar volume in 08 after the top lenders, the MBA said. Wachovia, PNC, and GE filled the top three lender positions by dollar amount after BofA and Wells, whose strong quarterly earnings — and projected earnings — may indicate some of the lending force behind their top positions in the MBA’s report. BofA earned $4.2bn net income in Q109, compared with the fourth-quarter $1.79bn net loss reported in mid-January. Wells in early April said it expects to post a record net income of $3bn — or 55 cents per share — in its first-quarter earnings statement, slated for release Wednesday. It appears, however, an accounting treatment makes up as much as nearly one-third of the bank’s Q109 earnings. Write to Diana Golobay at Disclosure: The author held no relevant investment positions when this story was published. Indirect holdings may exist via mutual fund investments.

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