Hello, LOs!
It's that time of year again – HMDA data is here in all its glory!
Many of the top-line figures will come as little surprise to LOs and mortgage executives out there, but it's nice to see who did what during such a zany year.
Let me share some highlights with you, courtesy of mortgage forecasting and analytics firm iEmergent:
*Rocket Mortgage and United Wholesale Mortgage were, to no one's surprise, the biggest lenders in America in 2020 by origination volume, at $182.8 billion and $313.4 billion, respectively.
*Depository banks tightened lending standards, ditched certain loan programs, and overall lost more ground to IMBs. The data bears that out. In fact, Wells Fargo lost 1.5% market share in 2020. JPMorgan Chase, Bank of America, U.S. Bank, Flagstar, Citizens and PNC all lost market share in 2020.
*The biggest purchase lender by number of loans issued in 2020 was Fairway Independent Mortgage, with 137,392 purchase loans. Fairway originated $37.23 billion in purchase loans in 2020. Rocket and UWM ranked second and third in purchase loans issued, at 133,077 and 133,642, respectively (UWM had the edge on purchase dollar volume at $42.98 billion to Rocket's $36.96 billion). Overall, Wells Fargo still issued the fattest volume of purchase loans, at $60.1 billion.
*Rocket saw dollar growth increase 121% to $313.4 billion, Freedom Mortgage rose 247.4% to $99.23 billion, loanDepot rose 124% to $100.5 billion. There are other interesting gains – retail player Crosscountry Mortgage rose 198% to $42.65 billion, pure-play wholesale firm Homepoint spiked 226% to $41 billion, publicly-traded REIT PennyMac rose 161% to $36 billion, retail bank Truist Bank increased 151% to $28.3 billion and direct lender Cardinal Financial increased origination volume 179% to $26.4 billion.
*But wait! I haven't even told you about the two biggest gainers among the top 50 lenders. AmeriSave's dollar volume increased 393.5% to $24.27 billion. And Better.com, which just received a $500 million investment from SoftBank, was the biggest gainer among the top 50. It rose 451% to $19.67 billion in originations last year.
*You'll find some other interesting outliers further down the list. Village Capital & Investment, which does FHA streamline refis, increased dollar growth 468.9% to $5.68 billion in 2020. Winnpointe Corporation, better known as Interactive Mortgage, saw dollar growth spike 540% to $4.86 billion in 2020. Lakeview Community Capital also rose 582% to $3.4 billion and Strong Home Mortgage also rose 454% to $4.42 billion. And what in the heck is going on in Indiana? Merchants Bank of Indiana saw dollar growth accelerate by 2,053.7% to $1.38 billion. Wild.
*There were no surprises atop the refi leaderboard. Rocket, UWM and Freedom were the top three in terms of number of loans issued and origination volume. Rocket issued nearly 1 million refi loans worth $274 billion last year. UWM issued 427,719 for $139.84 billion and Freedom issued 366,928 for $92.85 billion. LoanDepot and Wells Fargo were fourth and fifth, respectively.
*The top lender for home improvement loans wound up being PNC Bank, which issued 17,464, worth $1.74 billion in volume in 2020. Bank of America followed closely with 17,056 home improvement loans worth $2.39 billion.
*There were some major declines last year – TIAA Bank dropped 14.3% in dollar volume to $4 billion. Santander Bank, New Rez, USAA Federal Savings, MUFG Union Bank, Impac Mortgage and Homestreet Bank all posted significant declines.
Alright, that's it from me. See you on Thursday!
James Kleimann
Managing Editor, HousingWire
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