CoreLogic’s retrospective on the mortgage market shares of the top ten lien originators in 2006, 2011, and 2016 has reported that the ten highest-concentrated mortgage lenders control a 23% share of mortgage originations made in 2016 so far. This is a “substantial” drop from 2011’s 33% market share from its top ten lenders, and a step below 2006’s pre-crisis 28% market share.
Wells Fargo was the market leader in each of these years, though its concentration rose from 6% to 12% between 2006 and 2011 and fell back to 6% by 2016. Only Wells Fargo, Bank of America, and JP Morgan have remained in the top ten over the last ten years. These lenders, plus Quicken Loans, are the only lenders in the 2016 top ten with a market concentration above 1%.
The top 10 lenders have 18 percent of the national purchase share this year, and 27 percent of refinance volume. That’s down from both 2011, when the top 10 had 25 percent of purchases and 37 percent of refinances, and 2006, where the top 10 lenders captured 28 percent of purchases and refinances.