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Credit Unions Lose Mortgage Market Share

Non-banks take share from banks QoQ, but banks win YoY

Sept. 11, 2018

By SAM GARCIA Mortgage Daily

Non-bank originators took away market share from banks on a quarter-over-quarter basis, but the year-over-year trend favors banks. Credit unions lost market share.

Home-loan originations during the period that started on April 1 and concluded at mid-year came to an estimated $475 billion, according to data collected by Mortgage Daily.

U.S. mortgage production by all lenders climbed from the preceding three-month period, when U.S. lenders collectively closed an estimated $416 billion.

Residential lending volume also improved from the second quarter of last year, when the total came to an upwardly revised $471 billion.

The average Mortgage Daily U.S. Mortgage Market Index for the third quarter to date is 14 percent lower than the average for the first quarter, suggesting the current quarter's originations will be lower than the second quarter.

Banks' portion of second-quarter 2018 production was $194 billion, up 11 percent from three months earlier and 9 percent stronger than one year earlier, according to data provided to Mortgage Daily by the Federal Deposit Insurance Corp.

Bank volume most recently consisted of $75 billion in retail originations and $119 billion in wholesale lending.

Mortgage originations at credit unions were $38 billion, virtually unchanged from the first quarter based on numbers provided by Callahan & Associates to Mortgage Daily. Credit union business has fallen 16 percent from the same period last year.

Second-quarter 2018 credit union lending was comprised of $31 billion in first mortgages and $7 billion in other real estate loans.

The remaining $243 billion of the latest period's production was generated by state-licensed originators, according to metrics reported by the Conference of State Bank Supervisors. Non-bank business jumped by almost a fifth from the first quarter but slipped 2 percent from the second quarter of 2017.

Because the gain from the first quarter in non-bank originations was more spectacular than that for banks, banks' market share dropped while non-banks' share increased. But compared to the second quarter of last year, bank share has jumped, and non-bank share has fallen.

At credit unions, the share was down from the prior quarter and a year prior.

Mortgage Market Share By Originator Type

Type Q2 2018 Q1 2018 Q2 2017
Banks 41% 42% 38%
Credit Unions 8% 9% 10%
Non-Banks 51% 49% 52%

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Sam Garcia founded Mortgage Daily in 1998 and became its full-time publisher in 2000. Prior to his news career he worked in mortgage lending for two decades.

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