Residential mortgage originations during 2008 at Wells Fargo & Co. were higher than at any other U.S. lender, according to an analysis of earnings data by http://www.MortgageDaily.com. Rankings, which factored in home-equity activity, were shaped by last year's mega-mergers.

With its acquisition of Wachovia Corp., Wells was able to maintain fourth-quarter originations even as other lenders slowed from the third quarter. Annual volume at Wells -- excluding $39.6 billion at Wachovia during the first three quarters -- reached $230.0 billion. Combined 2008 production at W&W was down one-quarter from 2007.

JPMorgan Chase & Co., which acquired Washington Mutual Bank in September, ranked No. 2 last year with $185.3 billion in originations. Based on available data, 2008 combined volume was down around 37 percent.

No. 3 on the list was Bank of America Corp.., with $181.0 billion in fundings last year. BoA boosted its market share with its July 2008 acquisition of Countrywide Financial Corp. -- the biggest U.S. lender in 2007. Based on Countrywide's fundings just as an independent company during the first half of last year, it ranked No. 4. Combined 2008 volume at BoA and Countrywide was down by nearly half from 2007.

Rank Company Originations
Wells $230.0 billion
JPMorgan $185.3 billion
BoA $181.0 billion
Countrywide $132.0 billion
Citigroup $104.3 billion

An analysis of annual data indicates that overall U.S. originations were down 36 percent from 2007 to 2008.

"Three of the 10 biggest mortgage lenders in 2007 were taken over by other institutions last year, leaving fewer players vying for a smaller pie," said MortgageDaily.com Publisher Sam Garcia. "But our outlook is for increased first-quarter and full-year activity, with Wells and BoA battling over the top spot."

Mr. Garcia noted that Residential Capital LLC could emerge as a top-five player this year depending on the level of capital support provided by parent GMAC LLC, which converted to a bank-holding company in December.