Mid-size Lenders Now Dominate Business with Mortgage Brokers

With a major shift away from buying loans from mortgage brokers by the largest banks in the country, mid-size lenders–often non-banks–are now dominating the broker business. According to the latest ranking by
Inside Mortgage Finance, only one major bank–Wells Fargo–made the top five lenders in terms of mortgage broker originations during the first quarter of 2009. Provident Funding in California was the top originator of loans acquired from brokers in the first quarter with a 14.1 percent market share, followed by Wells Fargo (13.6 percent), AmTrust Bank (10.1 percent), Taylor Bean & Whitaker (7.7 percent), and MetLife Home Loans (6.8 percent).