DALLAS, Nov. 12, 2013 /PRNewswire/ -- Residential loan originations took a hit in the third quarter, and fourth quarter volume is poised for a further decline. But the top three lenders and servicers maintained their standings.
Mortgage Daily's estimate of total U.S. originations from all lenders during the third quarter is $441 billion.
Business was down around 19.8% from the second quarter thanks to increasing rates that drove down refinances.
Compared to the third-quarter 2012, originations subsided around 21.1%.
The estimates were based on data collected by Mortgage Daily. In addition to a quarterly lender survey, the numbers were obtained from earnings reports, public filings and announcements.
With a third-quarter market share of around 18.1%, Wells Fargo maintained its standing as the biggest residential lender during the third quarter.
The second-biggest lender was JPMorgan Chase, where market share was around 9.3 percent.
Originations By Lender (in billions)
| Wells Fargo |
$80 |
| Chase |
$41 |
| BofA |
$24 |
| U.S. Bank |
$22 |
| Quicken |
$17 |
Compared to the second quarter, business was up 20.4% at Walter Investment Management -- more than any other company.
Nationstar Mortgage followed with a 12.7% gain in the third quarter.
Stonegate Mortgage had the third-biggest increase: 12.2%. In addition, thanks to its planned acquisition of Nationstar's wholesale division, Stonegate is about the only lender that is poised for further short-term growth.
With a 62.3% decline between the second and third quarters, Provident Funding had the biggest drop.
Among lenders to report third-quarter 2012 originations, Nationstar's 344.4% increase was the largest year-over-year gain.
Stonegate's volume was up 112.7% from a year earlier.
Based on the U.S. Mortgage Market Index from LoanSifter and Mortgage Daily, fourth-quarter mortgage originations from all U.S. lenders are likely to fall around 21%, putting fourth-quarter volume at roughly $350 billion.
Approximately 18.8% of total outstandings was serviced by Wells Fargo, making it also the biggest mortgage servicer in the country.
Servicing Portfolios By Lender
(includes investment loans)
| Servicer |
Portfolio (trillions) |
| Wells Fargo |
$1.8 |
| Chase |
$1.0 |
| BofA |
$0.9 |
| Ocwen |
$0.4 |
| Nationstar |
$0.4 |
Full Q3-2013 report (complimentary for reporters):
http://www.MortgageDaily.com/Originations111213.asp?spcode=pr
Quarterly mortgage production by lenders:
http://www.mortgagedaily.com/FundingsConforming.asp?spcode=pr
Mortgage origination news at:
http://www.mortgagedaily.com/Fundings.asp?spcode=pr
About Mortgage Daily
Founded in 1998 by 20-year mortgage industry veteran Sam Garcia, Mortgage Daily is a leading online source of mortgage news and mortgage statistics for the mortgage industry. Visit Mortgage Daily at www.MortgageDaily.com.
CONTACT:
Holly Himelright
[email protected]
214.521.1300
SOURCE MortgageDaily.com
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