PRESS RELEASE
Biggest Mortgage Lenders in Q1
DALLAS — (May 13, 2013) /PRNewswire/ Mortgage originations were off from the fourth quarter, but several players still managed to increase business. The second-quarter forecast calls for stronger production. Although the three-biggest mortgage servicers reduced their servicing portfolios, a trio of rising stars each added more than $100 billion to their portfolios.
Residential lenders originated 6.2% less during the first three months of 2013 than in the final three months of 2012, according to Mortgage Daily’s First-Quarter 2013 Mortgage Lender Ranking.
But business improved 13.8% from the first-quarter 2012.
Estimated first-quarter originations by all U.S. lenders worked out to approximately $505 billion.
Based on the Mortgage Market Index from LoanSifter and Mortgage Daily, second-quarter business is poised to increase 13% over the first quarter.
Wells Fargo maintained its dominance as an originator, though its market share slipped.
Biggest Q1 Originators
Rank | Lender | Market Share |
1. | Wells Fargo | 22% |
2. | Chase | 11% |
3. | Quicken | 5% |
4. | Bank of America | 5% |
5. | U.S. Bank | 4% |
The biggest decline was at Ally Financial, where production tumbled 38% from the fourth-quarter 2012. Provident Funding saw a 28% decline, and PrimeLending fell 24%.
The best improvement was Stonegate Mortgage’s 36% increase. Bank of America and SunTrust Mortgage each boosted business by 11%.
In all, 15 mortgage bankers reported increased activity compared to the fourth-quarter 2012.
Wells Fargo, BofA and Chase maintained their respective No. 1, No. 2 and No. 3 positions among the country’s biggest servicers of home loans — though each reduced their servicing portfolios from year-end 2012.
But portfolios expanded by more than $100 billion each at No. 4 Ocwen, No. 6 Nationstar and No. 8 Walter Mortgage. All three firms are poised to capitalize on refinancing a share of their massive portfolios.
Biggest Servicers as of March 31
Rank | Servicer | Portfolio Size ($ trillions) |
1. | Wells Fargo | $1.9 |
2. | Bank of America | $1.2 |
3. | Chase | $1.0 |
4. | Ocwen | $0.5 |
5. | Citigroup | $0.4 |