While there was no change in the top-five ranking of home lenders, the concentration of business among the 10 largest lenders dropped. Banks gave up significant market share to non-banks and credit unions.
Residential loan originations by all U.S. lenders was an estimated $301 billion during the fourth-quarter 2014, according to data compiled by Mortgage Daily.
Business slumped compared to the $311 billion in estimated mortgage production
generated during the third quarter of last year.
But activity picked up modestly from $297 billion in estimated production during the final quarter of 2013.
Full-year 2014 volume for home lenders amounted to $1.128 trillion, tumbling from the $1.898 trillion in real estate loans closed during 2013.
Based on data collected for the Mortgage Daily Fourth Quarter 2014 Mortgage Origination Survey, Wells Fargo & Co. solidly maintained its No. 1 position during the latest three-month period.
|
Originations By Lender (billions/includes home-equity lending)
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
*Freedom Mortgage declined to report Q4 originations
|
For all of last year, the rankings were the same as for the fourth quarter.
|
Originations By Lender
(billions/includes home-equity lending)
|
||||||||||||||||||||||||||||||||||||
|
*Freedom Mortgage declined to report Q4 originations
|
The top 10 lenders in 2014 were responsible for 49 percent of all originations.
That same group of lenders closed more than 51 percent of all loans during 2013.
| Lender | 2014 | 2013 |
| Wells Fargo | 15.5% | 18.5% |
| Chase | 7.2% | 8.8% |
| Quicken | 5.2% | 4.2% |
| BofA | 4.8% | 4.7% |
| U.S. Bank | 4.4% | 4.5% |
| PHH | 3.2% | 2.8% |
| PennyMac | 2.6% | 1.7% |
| Citi | 2.2% | 3.1% |
| Flagstar | 2.2% | 2.0% |
| Walter | 1.7% | 1.0% |
Market share at banks sank to 41 percent last year from 54 percent in 2013.
Credit unions were responsible for 10 percent of 2014 activity, climbing from just 7 percent the previous year.
At non-bank lenders, market share jumped to 48 percent from 39 percent.
Fannie Mae reported that $9.862 trillion in residential loans were being serviced as of Dec. 31, 2014.
Among mortgage servicers, Wells Fargo held on the the top spot with a $1.747 trillion portfolio.
Moving up the rankings were Nationstar Mortgage LLC, to No. 4 from No. 5 at the end of 2013; Walter, which climbed to No. 8 from No. 9, and Quicken, where its ranking improved to No. 9 from No. 10.
Ocwen Financial Corp., which hasn’t yet reported data as of Dec. 31, slipped to No. 5 last year from No. 4, and PNC dropped to No. 10 from the eighth position in 2013.
as of Dec. 31, 2014
(billions/includes investment loans/
excludes sub-servicing)
| U.S. Total | $9,862.0 | $9,887.0 |
| Wells Fargo | $1,747.0 | $1,823.0 |
| Chase | $921.2 | $983.5 |
| BofA | $693.0 | $810.0 |
| Nationstar | $381.0 | $392.6 |
| Ocwen (as of Sep 30) | $360.9 | $465.3 |
| Citi | $315.3 | $388.3 |
| U.S. Bank | $292.5 | $293.4 |
| Walter | $194.8 | $157.6 |
| Quicken | $161.1 | $138.0 |
| PNC | $156.6 | $164.9 |
