The nation's top five ranked servicers continued to lose market share in the second quarter – compared to the same period a year ago – as refinancings and concerns about capital rules and MSRs affected their decisions to retain receivables.
According to exclusive survey figures compiled by National Mortgage News and the Quarterly Data Report, every single servicer among the top five experienced a decline in their residential portfolios in 2Q.
The biggest net loser among the group was CitiMortgage, O'Fallon, Mo., which held $571 billion of MSRs at June 30, a 16% decline from 2Q 2010.
Bank of America, which is in the process of unloading nearly $120 billion of MSRs, experienced a 9% decline in contracts while Chase's MSRs dropped by 10%.
B of A continues to rank first among all servicers, NMN/QDR found, with $2 trillion of contracts on its books.
Wells Fargo & Co. ranked second with $1.8 trillion (-1% year over year), followed by JPMorgan Chase ($1.2 trillion), CitiMortgage ($571 billion), and Ally Financial ($384 billion). (For more details, see the weekly edition of NMN.)
These same servicers, and about seven other firms, are in the process of negotiating a massive civil settlement with the nation's attorneys general regarding robosigning allegations.
