Even though residential originations spiked 63% in the first quarter from the previous one, warehouse lending commitments to non-depository funders continued to suffer. According to survey figures compiled by National Mortgage News, known commitment volumes totaled $9.2 billion with five firms reporting compared to $8.3 billion at year-end. Even though commitments rose, they did so by only 11% while originations in the primary market soared. The figures indicate that not only is warehouse lending restricted but it appears that the nation's "mega" originators, firms such as Wells Fargo & Co., Bank of America, and Chase, are picking up market share at the expense of non-banks.
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