Biggest Mortgage Lenders, Servicers

As quarterly mortgage lending activity made a big leap, two large financial institutions traded spots on the list of the country’s largest originators.

Data collected by Mortgage Daily indicate that there were an estimated $488 billion in residential loan originations during the second quarter.

Home-lending activity accelerated from the previous three-month period, when national mortgage production came to an estimated $354 billion.

A modest gain was made compared to the second quarter of last year, a period when U.S. loan originations totaled $478 billion.

Second-quarter 2016 production included
$213 billion in mortgages originated by banks based on data provided by the Federal Deposit Insurance Corp. to Mortgage Daily.

Data from Callahan & Associates indicate that another
$44 billion came from credit unions.

Non-bank originators
delivered the remaining $232 billion, according to data reported by the Conference of State Bank Supervisors.

Wells Fargo & Co. solidly maintained its position as the nation’s largest mortgage lender with $63 billion in second-quarter 2016 production.

Mortgage Daily collected the mortgage lending data for individual companies from quarterly financial statements, filings with the Securities and Exchange Commission, company announcements and the Mortgage Daily Second Quarter 2016 Mortgage Origination Survey.

Bank of America Corp., which ranked No 5 in the first-quarter report, bumped U.S. Bancorp from the fourth spot in the latest ranking.

Prosperity Home Mortgage LLC closed $0.984 billion in the second-quarter 2016, soaring 76 percent from the first quarter — the biggest quarter-over-quarter gain of all lenders tracked by Mortgage Daily.

Next was Huntington Bancshares Inc., where business leapt 71 percent, then 64 percent at Fairway Independent Mortgage Corp., 59 percent at Lake Michigan Credit Union and 57 percent at Movement Mortgage LLC.

Walter Investment Management Corp. reported that volume was down 4 percent, the only quarter-over-quarter decline.

Compared to the second-quarter 2015, Movement Mortgage pushed up business by 57 percent — the biggest year-over-year gain.

No 2 was Fairway, where volume surged 52 percent from a year prior, then Citizens Financial Group Inc.’s 29 percent, Impac Mortgage Holdings Inc.’s 25 percent and PennyMac Financial Services Inc.’s 24 percent.

With originations plummeting 36 percent from a year earlier, Walter Investment saw the biggest year-over-year plunge in business.

Data from CoreLogic Inc. indicate that there were $9.185 trillion in residential loans outstanding as of June 30, 2016.

The country’s book of mortgage loans expanded from $9.109 trillion as of three months earlier and $8.926 trillion as of one year earlier.

Wells Fargo also held on to its title of biggest servicer with a $1.6 trillion mortgage servicing portfolio.

The ranking of the top-10 servicers was unchanged from the first quarter.