Newsroom
August 28, 2014
Nonbank lenders making more mortgage loans
Aug. 29, 2014 – Nonbank lenders made almost a quarter of all mortgage loans in the first half of 2014, the highest level since the financial crisis, according to reports.
The Wall Street Journal reported that some large banks, such as Wells Fargo & Co. and J.P. Morgan Chase, are retreating from the home-loan market due to mortgage-related legal settlements, new banking standards and increased regulations, and nonbanking entities are filling the mortgage void.
The article cites data from Inside Mortgage Finance, which found that Quicken Loans Inc., one of the largest nonbank mortgage lenders, made $24.3 billion of loans in the first half of the year – roughly the same as Bank of America Corp. and ahead of Citigroup Inc.
"Despite the growth of online and other nonbank lenders, credit unions continue to increase their mortgage lending market share," NAFCU Chief Economist and Director of Research Curt Long said. He noted that more than 8 percent of mortgage originations are now made by credit unions.
Furthermore, recent data from FDIC found that banks' loan and lease balances grew by $178.5 billion to $8.11 trillion – a 2.3 percent increase over the previous quarter and largest quarterly jump since 2007. WSJ reported that contributing to the growth were commercial and industrial loans, residential mortgages, credit card balances and auto loans.
The Wall Street Journal reported that some large banks, such as Wells Fargo & Co. and J.P. Morgan Chase, are retreating from the home-loan market due to mortgage-related legal settlements, new banking standards and increased regulations, and nonbanking entities are filling the mortgage void.
The article cites data from Inside Mortgage Finance, which found that Quicken Loans Inc., one of the largest nonbank mortgage lenders, made $24.3 billion of loans in the first half of the year – roughly the same as Bank of America Corp. and ahead of Citigroup Inc.
"Despite the growth of online and other nonbank lenders, credit unions continue to increase their mortgage lending market share," NAFCU Chief Economist and Director of Research Curt Long said. He noted that more than 8 percent of mortgage originations are now made by credit unions.
Furthermore, recent data from FDIC found that banks' loan and lease balances grew by $178.5 billion to $8.11 trillion – a 2.3 percent increase over the previous quarter and largest quarterly jump since 2007. WSJ reported that contributing to the growth were commercial and industrial loans, residential mortgages, credit card balances and auto loans.
Share This
Related Resources
Add to Calendar 2024-06-26 14:00:00 2024-06-26 14:00:00 Gallagher Executive Compensation and Benefits Survey About the Webinar The webinar will share trends in executive pay increases, annual bonuses, and nonqualified benefit plans. Learn how to use the data charts as well as make this data actionable in order to improve your retention strategy. You’ll hear directly from the survey project manager on how to maximize the data points to gain a competitive edge in the market. Key findings on: Total compensation by asset size Nonqualified benefit plans Bonus targets and metrics Prerequisites Demographics Board expenses Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public
Gallagher Executive Compensation and Benefits Survey
preferred partner
Gallagher
Webinar
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 The Evolving Role of the CISO in Credit Unions Listen On: Key Takeaways: [01:30] Being able to properly implement risk management decisions, especially in the cyber age we live in, is incredibly important so CISOs have a lot of challenges here. [02:27] Having a leader who can really communicate cyber risks and understand how ready that institution is to deal with cyber events is incredibly important. [05:36] We need to be talking about risk openly. We need to be documenting and really understanding what remediating risk looks like and how you do that strategically. [16:38] Governance, risk, compliance, and adherence to regulatory controls are all being looked at much more closely. You are also seeing other technology that is coming into the fold directly responsible for helping CISOs navigate those waters. [18:28] The reaction from the governing bodies is directly related to the needs of the position. They’re trying to help make sure that we are positioned in a way that gets us the most possibility of success, maturing our postures and protecting the institutions. Web NAFCU digital@nafcu.org America/New_York public
The Evolving Role of the CISO in Credit Unions
preferred partner
DefenseStorm
Podcast
AI in Action: Redefining Disaster Preparedness and Financial Security
Strategy
preferred partner
Allied Solutions
Blog Post
Get daily updates.
Subscribe to NAFCU today.