As home lending slowed in the first quarter of this year, credit unions took market share from non-bank originators. Just 10 lenders were responsible for nearly half of overall originations.
Mortgage bankers generated $353 billion in single-family loan originations during the period that started on Jan. 1, 2017, and concluded on March 31.
The total was based on an analysis of production data collected by Mortgage Daily for financial institutions and non-bank home lenders.
Volume slowed from the fourth-quarter 2016, when national mortgage originations worked out to $517 billion. There was little change, however, from the first quarter of last year, when the total was $354 billion.
Activity during the first-three months of this year consisted of $152 billion in mortgages originated by banks, $38 billion generated
by credit unions and $163 billion that came from non-bank home lenders.
That put banks’ share of the mortgage market at 43.2 percent, slightly broader than 43.0 percent in the first-quarter 2016.
Credit union market share widened to 10.8 percent in the first quarter of this year from 9.3 percent. Credit unions stole market share from non-bank originators, where the share thinned to 46.0 percent from 47.8 percent a year earlier.
The top-10 lenders were responsible for approximately 47 percent of first-quarter 2017 originations.
Data on the nation’s biggest mortgage originators is maintained by Mortgage Daily, which obtained the metrics from quarterly reports for publicly traded companies and from its First Quarter 2017 Mortgage Origination Survey.
Among home lenders, Wells Fargo & Co. maintained its standing as the biggest U.S. mortgage originator.
Bank of America Corp. wrestled the fourth position away from PennyMac Financial Services Inc., which held it in the final quarter of last year.
Flagstar Bancorp Inc. bumped PHH Corp. from the No. 10 spot.
