Although most of the nation’s megabanks have been purposely reducing their imprint in the residential servicing business, their market share losses are beginning to pile up, according to new figures compiled by National Mortgage News.
“This is hard to put in words, but a loss of this size is significant,” said Austin Tilghman, president and CEO of United Capital Markets, Denver.
Tilghman, whose firm advises mortgage firms on servicing strategies, told NMN, “This is a natural progression of servicing moving away from large banks to smaller mortgage banking firms and private capital.”
Of the top five, all saw their MSRs decline in 3Q (compared to a year ago) with the exception of Wells, which grew its business by 4%.
Among the largest players, B of A once again led the downward spiral, ending the quarter with $1.46 trillion of MSRs on its books, a 24% decline over the past 12 months. It has been a net seller of servicing for well over a year.
Meanwhile,