Who Tops The Chart In Mortgage Originations?

New HMDA data illuminates which credit unions, banks, and mortgage finance companies generate the most mortgages across the country.

 
 

New Home Mortgage Disclosure Act (HMDA) data is available, and the newest data set shows credit union mortgage loan originations increased 15.4% year-over-year to reach $130.5 billion as of Dec. 31, 2016. Nationally, credit union market share declined slightly to 6.0%. Banks captured 49.0% of the market and mortgage finance companies captured 45.0%.

HMDA captures mortgage loan data for credit unions, banks, and mortgage finance companies. All depository institutions with more than $44 million in assets are required to report HMDA data if they originate mortgage loans. Non-depository institutions have different thresholds, but they generally must be at least $10 million in assets and originate at least 100 loans (for more clarification, refer to pages 3 and 4 of the HMDA reporting guide). 

 

 

As Callahan & Associates analyzed the HMDA data released in September 2017, some national leaders emerged.

For credit unions, Navy Federal ($82.0 B, VA), led the nation with $13.1 billion in mortgages originated over the course of 2016. As the nation’s largest credit union, that might not be a surprise. However, the list of origination leaders below does not mirror the top 10 credit unions by assets. For example, Idaho Central, with $3.3 billion in assets, comes in at No. 59 nationally.

LEADERS IN CREDIT UNION MORTGAGE ORIGINATIONS

FOR HMDA-REPORTING U.S. CREDIT UNIONS | DATA AS OF 12.31.16
© Callahan & Associates | www.creditunions.com

Rank Credit Union State Mortgage Loans Originated ($000s) Assets
1 Navy VA $13,143,888 $82,038,635,993
2 State Employees' (NC) NC $3,031,120 $36,879,840,265
3 First Technology CA $2,600,861 $10,560,441,081
4 Lake Michigan MI $2,508,035 $5,180,296,489
5 Pentagon VA $2,033,067 $22,807,115,355
6 BECU WA $1,752,428 $17,248,329,466
7 Bethpage NY $1,514,884 $7,647,448,621
8 Elevations CO $1,393,833 $1,852,626,233
9 Logix CA $1,393,833 $5,107,984,455
10 Idaho Central ID $1,189,746 $3,208,994,757

Source: Callahan & Associates.

2017 Callahan & Associates, Inc. All rights reserved

On the bank side, Wells Fargo, JP Morgan Chase, and Bank of America funded the most mortgage loans. It’s interesting to note although Wells Fargo originated more than 10 times the dollar amount of Navy, Navy bested the last two banks on this list, Regions Bank and The Huntington National Bank.

LEADERS IN BANK MORTGAGE ORIGINATIONS

FOR HMDA REPORTING U.S. BANKS | DATA AS OF 12.31.16
© Callahan & Associates | www.creditunions.com

Rank Bank Mortgage Loans Originated ($000s)
1 Wells Fargo Bank, NA $146,270,649
2 JPMorgan Chase Bank, NA $94,703,059
3 Bank of America, NA $61,010,930
4 US Bank, NA $31,320,965
5 Flagstar Bank $27,564,889
6 Citibank, NA $26,794,762
7 PNC Bank, NA $16,386,786
8 USAA Federal Savings Bank $15,523,446
9 First Republic Bank $12,617,082
10 MUFG Union Bank, NA $11,351,068

Source: Callahan & Associates.

2017 Callahan & Associates, Inc. All rights reserved

Nationally, mortgage finance companies have gained substantial market share over the past few years and now account for 45.1% of mortgages funded in 2016. Quicken Loans topped the chart with $90.6 billion mortgages funded.

LEADERS IN MORTGAGE FINANCE COMPANY MORTGAGE ORIGINATIONS

FOR HMDA REPORTING U.S. MORTGAGE FINANCE COMPANIES | DATA AS OF 12.31.16
© Callahan & Associates | www.creditunions.com

Rank Institution Mortgage Loans Originated ($000s)
1 Quicken Loans $90,552,833
2 Loandepot.com, LLC $35,991,394
3 Freedom Mortgage Corporation $32,215,701
4 Caliber Home Loans, Inc. $28,255,644
5 United Shore Financial Service $23,016,158
6 Guaranteed Rate, Inc. $18,493,956
7 Finance of America Mortgage, LL $17,762,881
8 Fairway Independent Mort. Corp. $16,468,165
9 Guild Mortgage Company $15,356,356
10 Stearns Lending $15,120,601

Source: Callahan & Associates.

2017 Callahan & Associates, Inc. All rights reserved

Credit unions executives should keep their eyes on these 30 institutions, considering their national reach. However, this is only one way to look at HMDA data. For example, credit unions claimed 9.1% of the national market share in 2016 according to the number of mortgages originated rather than dollar amount.

To learn more about the leaders in your any market, log in to MortgageAnalyzer via the Callahan client portal.

Make The Most Of Mortgage Market Data

Leveraging HMDA data, MortgageAnalyzer helps credit unions identify market leaders and analyze their performance against other credit unions, banks, and mortgage lenders.

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Oct. 30, 2017


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