- Bank of America today joined Wells Fargo and JPMorgan in reporting big drops in mortgage business, but it's not all coming from the general slowdown in refinancing. Both Wells and JPMorgan reported Q4 declines larger than that seen by the Mortgage Bankers Association, suggesting a loss in market share.
- "Some of the smaller lenders are offering better pricing," says Compass Point's Kevin Barker, noting PennyMac Mortgage Investment (PMT +1.3%), Ocwen Financial (OCN -0.7%), and Nationstar Mortgage (NSM -2.1%) have all increased their business over the year (though Nationstar, at least, hasn't been immune to the overall slowdown, and Ocwen benefits more on the servicing side). Barker figures Wells and JPM lost about 4% in market share in Q4.
at MarketWatch.com (Jan 3, 2014)