In the latest ranking of mortgage lenders and servicers, non-bank lenders gave up market share last year as overall mortgage originations turned lower on a quarterly and annual basis.
During the fourth-quarter 2017, home lenders originated an estimated $502 billion in new U.S. mortgages, according to data compiled by Mortgage Daily.
Business was modestly lower than $510 billion in the prior three-month period. An even bigger decline was recorded versus the upwardly revised $577 billion in the final quarter of 2016.
Banks were responsible for $211 billion of the most-recent total, according to data provided to Mortgage Daily by the Federal Deposit Insurance Corp.
Another $45 billion came from credit unions based on statistics provided to Mortgage Daily by Callahan & Associates.
The remaining $246 billion was generated by non-bank lenders, figures reported by the conference of State Bank Supervisors indicate.
A ranking of the biggest lenders was produced by Mortgage Daily based on its Fourth Quarter 2017Â Mortgage Origination Survey, quarterly earnings reports and other publicly available reports and announcements.
Retaining its standing as America’s biggest mortgage lender, including retail and correspondent lending, was Wells Fargo & Co. — though Quicken Loans Inc. claimed the No. 1 retail lender spot.
At PHH Corp., which is being acquired by Ocwen Financial Corp., fourth-quarter 2017 originations plunged from the third quarter by 30 percent — the most of any lender.
But BB&T Corp. reported
that business was up from the preceding quarter by 15 percent — more than any lender.
