Top Servicers in 1993 - Where Are They Today?
Servicer Name Serv. Port. '93 Where Are They Today?
Countrywide $80B Almost failed, bought by BoA in July 2008
Fleet Mortgage $70B Bank parent merged, mortgage unit sold to WaMu
Prudential Home $68B Sold to Norwest, which merged with Wells Fargo
GE Capital Mortgage $64B Liquidated by GE, servicing bought by Wells, others
Citibank $47B Still a top player, large recipient of TARP money
Bank of America $47B Now No. 1 in servicing, bought Countrywide
Chase Manhattan $46B Bank merged with others, then merged with JPM
Norwest Mortgage $46B Norwest Bancorp parent merged with Wells Fargo
Chemical Bank $37B Merged with Chase Manhattan Bank, now JPM
Sears Mortgage $36B Bought by PNC, PNC Mortgage sold to WaMu
Notes: WaMu = Washington Mutual, which is now part of JPMorgan Chase. BoA = Bank of America. GE = General Electric. TARP = Troubled Asset Relief Program, a $700 billion government program to rescue the nation’s financial markets.
Source: Mortgage Industry Directory/Mortgage Servicing News.