Mortgage firms saw quarterly volume slow as nonbanks continued to take market share from banks
By Jeff Sorg, OnlineEd Blog
(January 13, 2016) – Lenders generated an estimated $430 billion in mortgage originations during the third-quarter 2015 as mortgage firms saw quarterly volume slow as nonbanks continued to take market share from banks. One bank, however, grew its market share.
Banks were responsible for around $190 billion of third-quarter 2015 production, while another $40 billion was generated by credit unions, and the remaining $200 billion came from nonbanks. As shown in the following table, nonbank originators continued to gain market share at the expense of banks.
Mortgage Market Share |
|||
Lender Type |
Q3 2015 |
Q2 2015 |
Q3 2014 |
Banks |
44% |
45% |
46% |
Credit Unions |
9% |
9% |
9% |
Non-Banks |
47% |
45% |
45% |
Based on an analysis of data collected for the Mortgage Daily Third Quarter 2015 Mortgage Origination Survey, quarterly earnings data and news releases, the biggest mortgage lender again was Wells Fargo while US Bank grabbed the No. 3 spot from Quicken Loans.
Originations By Lender |
|||
Lender |
Q3 2015 |
Q2 2015 |
Q3 2014 |
Wells Fargo |
$55 |
$62 |
$48 |
Chase |
$30 |
$29 |
$22 |
US Bank |
$20 |
$19 |
$15 |
Quicken |
$20 |
$21 |
$16 |
Bank of America |
$17 |
$19 |
$15 |
A 46 percent quarter-over-quarter gain at Movement Mortgage was the biggest. At Impac Mortgage, lending accelerated by 149 percent from a year earlier — the largest year-over-year improvement.
Wells Fargo’s market share exceeded that of the next two-biggest lenders combined.
Market Share By Lender Q3 2015 |
|
Lender |
Share |
Wells Fargo |
13% |
Chase |
7% |
US Bank |
5% |
Quicken |
5% |
BofA |
4% |
Wells Fargo also maintained its No. 1 servicer ranking and US Bank moved from the sixth position in the second quarter to the fifth.
Servicing Portfolios |
|
Wells Fargo |
$1,669 |
Chase |
$929 |
BofA |
$580 |
Nationstar Mortgage |
$408 |
US Bank |
$298 |
Full Q3 2015 report (complimentary for reporters): http://www.MortgageDaily.com/stories/BiggestLenders011116.asp?spcode=pr
Quarterly mortgage production by lenders: http://www.mortgagedaily.com/FundingsConforming.asp?spcode=pr
[Source: Media Release by Mortgage Daily]
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