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Non-Banks Grow Share of Mortgage Originations

Mortgage News

As U.S. residential lenders saw mortgage production soar on a quarterly basis, non-bank originators grabbed market share from their financial institution counterparts.

The country’s mortgage banking firms collectively originated $568 billion in home loans during the period that started on July 1, 2016, and concluded on Sept. 30.

Production accelerated from the previous three-month period, when the total was $488 billion, and the same quarter last year, when it was an upwardly revised $435 billion.

The findings were based on a Mortgage Daily analysis of data provided by the Federal Deposit Insurance Corp., Callahan & Associates and the
Conference of State Bank Supervisors.

For the first-nine months of 2016, mortgage originations totaled $1.410 trillion.

Included in the most-recent quarter were
$245 billion in mortgage originations at banks, according to FDIC data. Bank lending accelerated from $213 billion in the second quarter and $190 billion in the third-quarter 2015.

The third-quarter 2016 bank total consisted of $129 billion in retail originations and $117 billion in wholesale lending.

Callahan & Associates’ data indicate that credit unions generated $48 billion in mortgage originations during the latest quarter. Credit union production rose from $44 billion the previous quarter and
$40 billion a year previous.

The latest credit union volume was comprised of $40 billion in first mortgages and $8 billion in other real estate loans.

An analysis of
a CSBS graph indicates that state-licensed loan originators were responsible for around $275 billion in third-quarter 2016 originations. Non-bank volume grew from $232 billion three months earlier and $205 billion one year earlier.

Non-bank production during the most-recent period roughly was made up of
$8 billion in home improvement loans, $133 billion in refinances and $133 billion in purchase financing.

Banks’ market share of the mortgage origination market diminished in the most-recent quarter, as did credit union market share. That left non-bank mortgage originators pushing up market share.

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