Mortgage firms saw quarterly volume slow as non-banks continued to take market share from banks. One bank, however, grew its market share.
Home lenders generated an estimated $430 billion in residential loan originations from July 1, 2015, through Sept. 30, according to Mortgage Daily.
Business was slower than during the second quarter, when national mortgage production by all U.S. firms worked out to an estimated $430 billion.
Prior-period figures have been revised to account for adjustments made as a result of final Home Mortgage Disclosure Act data recently released.
The latest mortgage lending volume
was greater than the $344 billion in originations for the third-quarter 2014.
Banks
were responsible for around $190 billion of third-quarter 2015 production, based on data provided by the Federal Deposit Insurance Corp.
Another $40 billion was generated by credit unions, according to statistics reported by Callahan & Associates.
The remaining
$200 billion came from state-licensed non-bank originators, the Conference of State Bank Supervisors reported.
As shown in the following table, non-bank originators continued to gain market share at the expense of banks.
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Mortgage Market Share
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The biggest mortgage lender in the nation again was Wells Fargo & Co.
The ranking was based on an analysis of data collected for the Mortgage Daily Third Quarter 2015 Mortgage Origination Survey, quarterly earnings data reported by publicly traded companies and news releases issued on behalf of mortgage lenders.
U.S. Bancorp grabbed the No. 3 spot from Quicken Loans Inc. during the most-recent period.
Flagstar Bancorp Inc. moved from the 10th position in the second quarter to No.
8 this time around, and loanDepot LLC, which previously was not among the top-10 lenders, climbed into the 10th spot.
However, Freedom Mortgage Corp. — which previously ranked as No. 8 — declined to provide data about its third-quarter 2015 originations.
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Originations By Lender (billions/includes home-equity lending)
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Among lenders that reported origination data, Provident Funding Associates LP saw the biggest decline in business compared to the second quarter: 37 percent.
A 46 percent quarter-over-quarter gain at Movement Mortgage LLC was the biggest.
McLean Mortgage Corp. saw an 11 percent reduction from the
third-quarter 2014, the biggest year-over-year drop.
But at Impac Mortgage Holdings Inc., lending accelerated by 149 percent from a year earlier, giving it the largest year-over-year improvement.
Wells Fargo’s market share exceeds that of the next two-biggest lenders combined.
Market Share By Lender Q3 2015
| Lender | Share |
| Wells Fargo | 12.8% |
| Chase | 7.0% |
| U.S. Bank | 4.6% |
| Quicken | 4.6% |
| BofA | 3.9% |
| PennyMac | 3.6% |
| PHH | 2.4% |
| Flagstar | 1.8% |
| Citi | 1.7% |
| loanDepot | 1.7% |
Wells Fargo also maintained its No. 1 ranking among residential loan servicers.
The only big change in the ranking of mortgage servicers was with U.S. Bank, which moved from the sixth position in the second quarter to No.
5 this time around. The Minneapolis-based company’s ascension bumped Citi down one notch.
as of Sept. 30, 2015
(billions/includes investment loans/
excludes sub-servicing)
| Wells Fargo | $1,669 |
| Chase | $929 |
| BofA | $580 |
| Nationstar Mortgage LLC | $408 |
| U.S Bank | $298 |
| Citi | $288 |
| Ocwen Financial Corp. | $240 |
| Walter Investment Management Corp. | $230 |
| Quicken | $187 |
| PNCÂ Financial Services Group Inc. | $169 |
