By Lisa Prevost | The New York Times
Big banks such as Wells Fargo and Bank of America still rule the mortgage market, but their collective dominance has waned considerably over the last three years. Smaller lenders, some of them quite new, have stepped in to grab market share, often by emphasizing customer service and local expertise.
As of 2010, the top 10 originators held 80 percent of the primary mortgage market, according to a report this month by Fannie Mae. But only five of the mortgage originators that ranked in the top 20 in 2006 are still doing business today. And because so many large lenders have withdrawn, their share as of the first half of this year had dwindled to 60 percent of the market.
Moreover, as refinancing activity dies down, the remaining top lenders are shedding workers by the thousands.
