Mortgage firms that use the correspondent and wholesale channels to fund loans experienced strong growth in the first quarter, according to preliminary survey information being compiled by National Mortgage News and the Quarterly Data Report.
Ten firms that submitted their correspondent numbers experienced combined growth of 82% compared to 1Q 2010. Another group of 10 saw their wholesale production increase by 46%.
EverBank Mortgage of Jacksonville, whose parent company recently went public, had the strongest growth among correspondent buyers, purchasing $160 million of product in 1Q, a 248% gain over the first quarter of last year.
Crescent Mortgage, Atlanta, also had strong growth, increasing its residential purchases by 105%.
Wholesalers that turned in a good quarter include Cole Taylor Bank, Ann Arbor, Mich. (+233%); People’s United Bank (+139%); and U.S. Bank Home Mortgage (+111%).
NMN is continuing to collect surveys and will publish final first quarter rankings in two weeks.
Loan brokers and small correspondents, in particular, appear to be gaining market share but this group of professionals now fear that new compensation regulations being promoted by the Consumer Financial Protection Bureau will severely harm their prospects.
