The nation’s top three mortgage originators lost market share in the third quarter yet they managed to retain their rankings atop
Mortgage Daily’s list of residential mortgage originators.
Wells Fargo again led the nation with a 29.9 percent market share, followed by
Chase with 10 percent and US Bank at 4.5 percent. Bank of America followed closely, rising to 4.5 percent and Quicken rounded out the top five at 4.2 percent of all loans originated during the quarter. The combined share for the top five was 53 percent of all originations, a little less concentrated than Q2's revised 54 percent share. Among fast gainers, PennyMac achieved the biggest increase from Q2, then Stonegate Mortgage, United Shore Financial Services and Quicken. Fifth Third had the worst performance. Compared to the third quarter of 2011, PennyMac had the biggest gain. Next were Stonegate and United Shore. The worst record was Ally Financial's. Residential originations in the third quarter climbed more than 11 percent from Q2. That put production for the quarter around $475 billion. HARP 2.0 activity helped to boost refinancing originations. FHA loans accounted for about 13 percent of all Q3 originations. FHA Q2 share was a revised 14 percent.
Fannie Mae and
Freddie Mac were responsible for around 74 percent of Q3 activity. Acquisitions will likely alter the lineup of biggest servicers. Ocwen Financial plans to acquire Homeward Residential and ResCap mortgage assets. Nationstar Mortgage and Walter Investment each reported servicing rights of at least $500 billion in their acquisition pipelines.
Mortgage Daily's findings were based on origination data for 29 lenders that accounted for around 77 percent of the total estimated market.
