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What a Difference Five Years Makes.(large lenders in industry)
You don't have to look at the list of the largest subservicers for long to see how much the industry has changed in recent years.
Some traditional big players in the industry, such as subservicing specialists Dovenmuehle Mortgage, Cenlar and Wendover remain near the top of the industry. But they've been joined by large lenders such as Washington Mutual, Wells Fargo and Countrywide.
In part, the large lenders that now seek to service loans for others in addition to managing their own loans are looking for new sources of fee income. In other cases, they have entered into subservicing arrangements rather than buying servicing rights outright in order to limit exposure to prepayment risk.
Five years ago, subservicing specialists had a more dominant hold on the market than they do today. Privately held Dovenmuehle, Source One Mortgage, which was eventually acquired by Citibank, and Capstead Mortgage, which has largely exited loan servicing, were the top three subservicers. Advanta, Wendover, Cenlar, Countrywide, BancOne Mortgage, Navy Federal Credit Union and Resource Bancshares rounded out the top 10 at the end of 1997.
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Source: HighBeam Research, What a Difference Five Years Makes.(large lenders in industry)