Small- to medium-sized mortgage banking firms are starting to post handsome increases in their servicing portfolios, a sign that “deconsolidation” of the industry is becoming more of a reality.
According to a sample of survey figures being collected by National Mortgage News, some firms grew their
USAA Federal Savings Bank, San Antonio, for example serviced $11.7 billion of loans at June 30, a 419% gain year-over-year. (In years past the firm used a subservicer.)
Compass Bank, Birmingham, Ala., grew its receivables by 406%. Another large gainer was Stonegate Mortgage, Indianapolis, which serviced $2.2 billion of home mortgages at midyear, a 148% increase to June 30, 2011.
Kinecta Federal Credit Union, Manhattan Beach, Calif., experienced a 26% gain.
NMN and the Quarterly Data Report are in the process of putting together its final 2Q servicing tally, which will appear in the next week.
