As mortgage originations maintained three consecutive quarterly declines, some formerly fast-growing players have stopped disclosing production data altogether. In the servicing sector, the market share of the biggest servicers was lower.
From Jan. 1 through March 31 of this year, residential loan originations from all U.S. lenders declined by an estimated 25 percent from the fourth-quarter 2013. Activity has fallen each quarter since the second quarter of last year.
That was based on data collected by Mortgage Daily through its First Quarter Mortgage Origination Survey and other publicly available sources.
First quarter dollar volume was an estimated $251.8 billion.
Companies like Mortgage Master Inc., Fairway Independent Mortgage Corp. and Guaranteed Rate Inc. — all which reported quarterly production data when times were good — now decline to release such data. Also refusing to provide data this time around were United Shore Financial Services, Navy Federal Credit Union and Real Estate Mortgage Network.
None of these firms, however, were among the nation’s 10 biggest mortgage lenders last year.
Wells Fargo &Â Co. maintained a solid grip on the top spot — closing more than twice a much as No. 2 JPMorgan Chase & Co. and grabbing a 14.3 percent market share. But estimated market share at the San Francisco-based company slipped from a revised 15.0 percent in the fourth quarter of last year.
| Lender | Q1 2014 | Q4 2013 | Q1 2013 |
| U.S. Total (est.) | $251.8 | $333.7 | $532.0 |
| Wells Fargo | $36.0 | $50.0 | $109.0 |
| Chase | $17.7 | $23.9 | $53.1 |
| Quicken Loans Inc. | $11.2 | $12.6 | $25.5 |
| Bank of America Corp. | $10.8 | $13.5 | $25.0 |
| U.S. Bank Home Mortgage | $9.3 | $12.7 | $26.9 |
| PHH Mortgage | $7.4 | $9.5 | $13.3 |
| Citigroup Inc. | $5.2 | $8.3 | $18.0 |
| PennyMac Mortgage Investment Trust | $5.1 | $6.0 | $8.8 |
| Flagstar Bancorp Inc. | $4.9 | $6.4 | $12.4 |
| Nationstar Mortgage LLC | $4.7 | $5.5 | $3.4 |
The prior period U.S. totals were an average of estimates from economists at Fannie Mae, Freddie Mac and the Mortgage Bankers Association.
Just one company — Stonegate Mortgage Corp. — reported an increase in business from the fourth quarter. The growth reflects its fourth-quarter acquisitions of Crossline Capital Inc., Medallion Mortgage Co. and Nationstar’s wholesale lending business.
At the other end of the spectrum was Citi, where business was down 37 percent.
Wells Fargo also maintained its No. 1 standing among mortgage servicers.
Using Fannie’s estimate of $9.863 trillion in home loans outstanding, aggregate market share at the 10 biggest servicers slipped to 56.1 percent as of March 31 from 57.4 percent as of the end of last year.
as of March 31, 2014
(in billions – includes investment loans)
| Wells Fargo | $1,807 |
| Chase | $970 |
| BofA | $780 |
| Ocwen Financial Corp. | $392 |
| Nationstar | $384 |
| Citi | $373 |
| U.S. Bank | $294 |
| Walter Investment Management Corp. | $191 |
| Cenlar FSB (as of 9/30/13) | $183 |
| PNC Financial Services Group Inc. | $164 |
