Cenlar Tops Among Subservicers in 3Q, Stellar Growth at LoanCare
Cenlar once again ranked first among all subservicers in the latest reading of the sector but two firms stood out among the top ten in terms of growth: LoanCare Servicing and Provident Funding Associates, Burlingame, Calif.
According to exclusive survey figures compiled by National Mortgage News and the Quarterly Data Report, LoanCare grew its subservicing contracts by 118% to almost $40 billion, while Provident saw business increase by 373% (to $18 billion.)
The privately held Provident also ranks ninth among all residential originators and is poised to become the largest wholesaler once Wells Fargo exits the space.
Cenlar, which is based in Ewing, N.J., had $100 billion of subservicing contracts at the end of September, a 23% gain from a year ago, but flat compared to 2Q. Its clients include banks, thrifts and mortgage companies.
LoanCare Servicing, Virginia Beach, Va., is a division of FNF Servicing, which in turn is a subsidiary of the publicly traded title insurance firm, Fidelity National Financial.
LoanCare subservices over 250,000 loans for 70 companies in 50 states.
After Cenlar, Nationstar ranked second in terms of contracts ($92 billion), followed by Dovenmuehle ($65 billion), Loan Care and PHH Mortgage ($38 billion).
The figures for Nationstar and Dovenmuehle are estimates. In total, 24 companies supplied NMN with subservicing numbers.