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Top 5 Servicers Cross 40% Mark.(mortgage bank rankings)(Brief Article)
The top five residential servicers now control almost 41% of all housing receivables in the U.S.
The findings, based on quarterly survey data compiled by this newspaper and the Quarterly Data Report, show that the servicing side of the industry is continuing to consolidate while production networks - funders, brokers, correspondents - remain fragmented.
For the period ending March 31, the nation's top 10 residential servicers - as a group - passed the 50% threshold in market share. (The top 10 were just a hair shy of the 50% mark at year-end 2001.)
How much more the servicing side of the business will consolidate remains to be seen. A little less than two years ago, Countrywide Home Loan chief Angelo Mozilo predicted that by 2005 the top five would control most of the housing receivables in the U.S.
It should be noted that the rankings in this issue of Mortgage Servicing News include subservicing contracts.
Based on outstanding receivables at March 31, Washington Mutual, Seattle, ranked first among servicers ...
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