More than 200 mortgage-related firms ended operations or failed last year, according to Sam Garcia at MortgageDaily.com, and represents the largest such number since the firm began tracking the data in 1998. The previous record was set in 2007.
During 2009, the closings of 225 mortgage-related operations were tracked at the Mortgage Graveyard, a journal of failed lenders that is maintained by MortgageDaily.com. The number of closed firms jumped from a revised 124 in 2008.
The annual surge was fueled by a spike in bank failures — which increased more than 400 percent. Banks account for most of the country’s residential originations.
Credit union failures, including corporate and state-regulated institutions, were up by more than a third.
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