BIG BANKS EASE BACK FROM MORTGAGE BUSINESSES WS
Post# of 63765
Posted On: 12/04/2013 10:55:06 AM
BIG BANKS EASE BACK FROM MORTGAGE BUSINESSES
WSJ’s Shayndi Raice — “Big banks have been retrenching from the mortgage business recently, leaving smaller players to pick up larger chunks of business. As of the third quarter, smaller mortgage players held a 60 percent market share of the U.S. origination market, up from 39 percent in 2009 … In the third quarter alone, the smaller lenders, defined as those outside the top five, gained about six percentage points of market share …
“The trend is opening up opportunities for small companies such as loanDepot.com LLC, regional banks such as M&T Bank Corp. and larger mortgage players like Quicken Loans. The competition is benefiting consumers in some places, while helping find jobs for displaced workers. Some smaller lenders, looking to take advantage of the trend, have sold shares in initial public offerings.”
http://on.wsj.com/1eNFpVP
WSJ’s Shayndi Raice — “Big banks have been retrenching from the mortgage business recently, leaving smaller players to pick up larger chunks of business. As of the third quarter, smaller mortgage players held a 60 percent market share of the U.S. origination market, up from 39 percent in 2009 … In the third quarter alone, the smaller lenders, defined as those outside the top five, gained about six percentage points of market share …
“The trend is opening up opportunities for small companies such as loanDepot.com LLC, regional banks such as M&T Bank Corp. and larger mortgage players like Quicken Loans. The competition is benefiting consumers in some places, while helping find jobs for displaced workers. Some smaller lenders, looking to take advantage of the trend, have sold shares in initial public offerings.”
http://on.wsj.com/1eNFpVP
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