Mortgage Daily Logo
mortgage news from industry experts

Biggest Mortgage Lenders Make Healthy Gains

Home lenders saw a healthy quarter-over-quarter increase in mortgage production — with some companies making bigger gains than others. There was some jockeying for position among the top-10 players.

Based on data collected for the Mortgage Daily Second Quarter Mortgage Origination Survey, residential loan originations during the three months ended June 30 increased 24 percent from the first quarter.

However, industry production has slowed on a year-over-year basis, with overall business declining by 51 percent from the second-quarter 2013.

Mortgage Daily estimates total second-quarter 2014 volume among all U.S. lenders was $296 billion.

Wells Fargo & Co. held on to its No. 1 status.

Bank of America Corp. wrestled the No. 3 spot away from Quicken Loans Inc., while PennyMac Mortgage Investment Trust leapt past Citigroup Inc. to become the seventh-biggest mortgage lender.

BB&T Corp. made it into the top 10 — bumping Nationstar Mortgage LLC out in the process.

The 10-biggest lenders accounted for 46 percent of industry originations.

Originations By Lender (in billions)

Lender Q2 2014 Q1 2014 Q2 2013
U.S. Total (est.) $295.5 $237.7 $556.3
Wells Fargo $47.0 $36.0 $112.0
JPMorgan Chase & Co. $17.6 $17.7 $49.5
BofA $13.7 $10.8 $26.8
Quicken $13.1 $11.2 $23.8
U.S. Bank Home Mortgage $11.6 $9.3 $23.9
PHH Mortgage $9.3 $7.4 $14.8
PennyMac $7.4 $5.1 $8.9
Citi $6.2 $5.2 $17.2
Flagstar Bancorp Inc. $6.0 $4.9 $10.9
BB&T $4.7 $3.8 $9.3

The biggest increase between the first and second quarters was had by BECU: 102 percent. Next was McLean Mortgage Corp., where business jumped 74 percent, then 65 percent at Lake Michigan Credit Union, 63 percent at HomeStreet Inc. and 59 percent at Churchill Mortgage.

Among the nation’s largest lenders, only Chase and Nationstar saw a sequential decline.

Compared to a year earlier, Stonegate Mortgage Corp., which saw business soar 59 percent; BECU, where activity climbed 9 percent; and New American Funding, which had a 5 percent gain, were the only entities to report a year-over-year increase.

Lenders generally reported strong pipelines heading into the third quarter. Economic forecasts from Fannie Mae, Freddie Mac and the Mortgage Bankers Association suggest that third quarter originations will come in around 4 percent higher than in the second quarter.

However, the Mortgage Market Index report from LoanSifter/Optimal Blue and Mortgage Daily points to a 3 percent decline.

Moving along to mortgage servicing, Fannie Mae reports that the country’s collective servicing portfolio as of the second quarter was $9.889 trillion.

Wells Fargo continued to dominate this category, and the top-10 servicer ranking was mostly unchanged.

What is worthy of noting, though, is that the size of the servicing portfolios at nine of the 10-biggest mortgage servicers eroded from the first quarter.

No. 10 Quicken was the only servicer to grow its portfolio.

Servicing Portfolios By Lender
as of June 30, 2014
(billions/includes investment loans/
excludes sub-servicing)

U.S. Total $9,889.0
Wells Fargo $1,792.0
Chase $952.7
BofA $760.0
Ocwen Financial Corp. $380.7
Nationstar $378.6
Citi $349.1
U.S. Bank $292.3
Walter Investment Management Corp. $188.4
PNC Financial Services Group Inc. $161.0
Quicken $148.3

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...

Newsletter

Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts

THE TRUSTED PROVIDER OF ACCURATE RATES AND FINANCIAL INFORMATION