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CFC Regains Top Spot...
Servicing consolidation picked up steam in the third quarter with the nation's top-ranked firms controlling more of the nation's housing receivables.
According to exclusive survey figures compiled by Mortgage Servicing News, the nation's top five servicers controlled 42.61% of the market as of Sept. 30, a gain of 3.56 points compared to the same quarter a year ago.
The top 10 servicers controlled 55.72% of all housing receivables, compared to 51.98% at Sept. 30, 2003.
As of September's end, the nation's consumers had racked up $7.514 trillion in housing debt, a 10% rise from a year ago, according to MSN and its affiliate, the Quarterly Data Report.
One reason the top-ranked firms gained share is tied to Citigroup's purchase of Principal Residential Mortgage, Des Moines. (The deal closed earlier this year.) Citigroup's CitiMortgage affiliate picked up 1.75 points by taking over PRM's $120 billion portfolio.
But the market share gain is not solely tied to that deal. Over the past year many large lender/servicers, such as Countrywide Home Loans, Calabasas, Calif., have been buying huge amounts of closed loans ...
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Source: HighBeam Research, CFC Regains Top Spot...