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Has Consolidation Stalled?(in US residential mortgage servicing market)
The long held belief that the residential servicing market will continue to consolidate is being tested these days.
Few in the industry think the servicing side of the business will actually "deconsolidate," but figures compiled by this newspaper show that - for now at least - consolidation is taking a small vacation.
According to third-quarter data compiled by Mortgage Servicing News, the top 10 servicers, as a group, control 51.52% of all the outstanding housing receivables in the U.S.
Rest assured 51.52% is a huge number, but the grip of the top 10 has actually skidded during most of 2002. In the first and second quarters, the top 10 controlled, respectively, 53.74%, and 53.11% of all outstanding residential loans. (See table.)
The decline in the combined market share of the top 10 (as well as the top five) is negligible, but notable.
The reason for the respite in consolidation is no mystery: the refinancing boom of the past two years has wreaked havoc on the buying and selling of "bulk" mortgage servicing rights.
Servicing brokers also have reported difficulties selling not just portfolios, but franchises. "How can you sell something that may not exist in a few months," said a servicing manager based on the East Coast.
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