top

Search for something...

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
NEW

Fairway Independent Mortgage Corporation 2q originations soared

Published:
October 23, 2017
Est. Read Time:
Fairway Independent Mortgage Corporation 2q originations soared

Mortgage Daily Q2 2017 Biggest Lender Ranking

DALLAS -- (Oct. 23, 2017) Among the 10-biggest mortgage originators, two companies ascended one notch. Credit unions grabbed market share from banks. Among servicers, one firm was bumped off the top-10 list.

From April 1, 2017, through mid-year 2017, an estimated $467 billion in U.S. single-family assets were originated based on data collected by Mortgage Daily.

Production from financial institutions and non-bank mortgage originators ascended from the preceding quarter, when the total was an upwardly revised $386 billion.

But business has slowed compared to the same three-month period last year, when mortgage lending activity totaled an upwardly revised $532 billion.

Second-quarter 2017 mortgage originations included an estimated $178 billion in loans closed by banks, according to data provided to Mortgage Daily by the Federal Deposit Insurance Corp. Credit unions made up another $46 billion of the latest activity based on data reported to Mortgage Daily by Callahan & Associates. The remaining $243 billion came from state-licensed non-bank originators, according to data reported by the Conference of State Bank Supervisors.

Over the past year, bank share of mortgage originations has thinned to 38 percent from 40 percent.

Taking banks' market share were credit unions, which saw their piece of the mortgage market widen to 10 percent from 8 percent in the second quarter of last year.

No change left non-bank mortgage market share at 52 percent as of the second-quarter 2017.

Mortgage Daily collected data for individual mortgage originators through public filings, published reports and its Second Quarter 2017 Mortgage Origination Survey. Around 57 percent of all U.S. originations are covered by Mortgage Daily's data.

Among individual originators, Wells Fargo held on to its standing as the nation's largest residential loan originator with $56 billion in second-quarter production.

PennyMac displaced US Bancorp as the No. 5 mortgage lender and moved up from the sixth spot three months earlier.

Flagstar Bancorp, which was No. 10 in the first-quarter report, crept past loanDepot to ninth position. It was the second quarter in a row Flagstar moved up a notch.

Fairway Independent Mortgage closed $5.8 billion in loans during the second quarter, soaring from the first quarter by 64 percent -- more than any other lender tracked by Mortgage Daily.

Business at Ocwen plunged 37 percent from the first quarter -- the worst quarter-over-quarter decline.

Fairway also had the strongest year-over-year performance: up 26 percent.

Citi reported a 52 percent decline in new business from the second-quarter 2016 -- the worst year-over-year performance.

**SOURCE - http://www.mortgagedaily.com/pressreleases/PressRelease102317.asp