Mortgage Daily

Published On: October 23, 2017

Among the 10-biggest mortgage originators, two companies ascended one notch. Credit unions grabbed market share from banks. Among servicers, one firm was bumped off the top-10 list.

From April 1, 2017, through mid-year 2017, an estimated $467 billion in U.S. single-family assets were originated based on data collected by Mortgage Daily.

Production from financial institutions and non-bank mortgage originators ascended from the preceding quarter, when the total was an upwardly revised $386 billion.

But business has slowed compared to the same three-month period last year, when mortgage lending activity totaled an upwardly revised $532 billion.

Second-quarter 2017 mortgage originations included an estimated $178 billion in loans closed by banks, according to data provided to Mortgage Daily by the Federal Deposit Insurance Corp. Bank lending consisted of $84 billion in retail production and $94 billion in wholesale lending.

Credit unions made up another $46 billion of the latest activity based on data reported to Mortgage Daily by Callahan & Associates. Comprising credit union originations were $37 billion in first mortgages and $9 billion in other real estate loans.

The remaining $243 billion came from state-licensed non-bank originators, according to data reported by the Conference of State Bank Supervisors. Purchase financing was $166 billion of non-bank lending, $72 billion was refinancing and $5 billion was home-improvement financing.

Over the past year, bank share of mortgage originations has thinned to 38 percent from 40 percent.

Taking banks’ market share were credit unions, which saw their piece of the mortgage market widen to 10 percent from 8 percent in the second quarter of last year.

No change left non-bank mortgage market share at 52 percent as of the second-quarter 2017.

Mortgage Daily collected data for individual mortgage originators through public filings, published reports and its Second Quarter 2017 Mortgage Origination Survey. Around 57 percent of all U.S. originations are covered by Mortgage Daily’s data.

Among individual originators, Wells Fargo & Co. held on to its standing as the nation’s largest residential loan originator with $56 billion in second-quarter production.

PennyMac Financial Services Inc. displaced US Bancorp as the No. 5 mortgage lender and moved up from the sixth spot three months earlier.

Flagstar Bancorp Inc., which was No. 10 in the first-quarter report, crept past loanDepot LLC to ninth position. It was the second quarter in a row Flagstar moved up a notch.

Fairway Independent Mortgage Corp. closed $5.8 billion in loans during the second quarter, soaring from the first quarter by 64 percent — more than any other lender tracked by Mortgage Daily. Next was McLean Mortgage Corp.’s quarter-over-quarter gain of 58 percent, then Flagstar’s 56 percent, Hilltop Holdings Inc.’s 44 percent and Guild Mortgage Co.’s 39 percent.

Business at Ocwen Financial Corp. plunged 37 percent from the first quarter — the worst quarter-over-quarter decline.

Fairway also had the strongest year-over-year performance: up 26 percent.

Citigroup Inc. reported a 52 percent decline in new business from the second-quarter 2016 — the worst year-over-year performance.

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