FHA Leading Originators: January 2010 versus prior year

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The table above lists the leading FHA mortgage originators for January 2010. For each mortgagee in this list, the lending volume for January 2009 is included to illustrate the year over year change.

The data shows both Wells Fargo and Bank of America are bigger and have greater market power. Much of the increase for Wells can be attributed to the acquisition of Wachovia and much of the increase for Bank of America are the result of acquiring Countrywide. A similar contribution to increased market share and higher ranking applies to MetLife Bank, who acquired First Horizon's mortgage offices and PNC who acquired National City. Later on we shall see if these bank institutions can maintain their upward momentum. Meanwhile, JP Morgan is not only giving up market share to their competitors, they are giving up FHA originations in an increasing mortgage market segment.

The accomplishments of Quicken, Metrocities, Suntrust, PHH, and Primelending reveal new leaders in the realigned FHA mortgage market.

Wells Fargo Mortgage is tuff to beat!

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The map image shows the retail mortgage market share rankings of Wells Fargo Mortgage in all counties. The bright red colors represent first position in the market. The mortgage data includes all FHA home purchase mortgages for 2009.

Las Vegas Needs Wells Fargo!

It might seem reasonable to complain about Wells Fargo having a business meeting in Las Vegas. There are unintended consequences when making adverse judgements of every expense made by any entity receiving taxpayer rescue funds. The hospitality staff in Las Vegas and other resorts need the business. They have mortgage payments to make on their homes!

Then look at the merits of the accomplishment of Wells Fargo's mortgage business.

• Wells Fargo was first in the nation in conventional mortgage originations in 2008
• Wells Fargo was first in the nation for FHA mortgage originations in 2008
• Wells Fargo was first in the nation for VA mortgage originations in 2008

I'd reward my sales staff for keeping the top position in the nation on these mortgage products for two consecutive years.

Lets be happy that Wells Fargo elected to have their meeting in Las Vegas as opposed to Tahiti!

Who is Getting WaMu's Market Share?

Today's (18 Sept. 2008) news that WaMu seems to be searching for a buyer presents some interesting questions when analyzing the 2008 market share data. Take a look at the chart below for the State of California.

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Even though WaMu's market share has decreased significantly this year, they still have almost 1% of the California Conventional Purchase market as of July. Wells Fargo and Citi are rumored potential buyers. If it is Wells Fargo, WaMu's market share may be enough to keep them in a strong position in California. See the chart below for the current market share of Wells.

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To see a complete market share report for California, contact MortgageDataWeb.

DC FHA Originations Triple!

Many of the high-cost real estate markets have seen a tremendous growth in FHA originations since the raising of the loan ceilings earlier this year. The Washington DC Metro area is one such area. The chart below shows the growth in mortgage orginations from August 2007 through July 2008.

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To see who is leading in this growing market, see the chart below.

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Wells Fargo's Profits Increase

Wells Fargo reported surprisingly higher profits today. Why? Maybe part of the answer is their increased market share since last year. Take a look at their market share in purchase mortgages for 2007 versus year-to-date for 2008. Other banks are due to report their earnings in the next couple of days. Is other good news finally on the way?

Wells Fargo Regains Leadership

For years, Wells Fargo Mortgage was the leading lender and it looks like they are regaining the lead over rivals Bank of America and Countrywide, during the challenging times since mid-2007.
Note how Wells is on top for purchase-money mortgages in early 2008 (the last few years this spot has been taken by Countrywide). Looking at a chart for Wells, we can see a modest upturn in early 2008. Have a look at how they have been trending higher in market share in their largest volume market.