By Shayndi Raice | The Wall Street Journal
Big banks have been retrenching from the mortgage business recently, leaving smaller players to pick up larger chunks of business.
As of the third quarter, smaller mortgage players held a 60% market share of the U.S. origination market, up from 39% in 2009, according to industry publication Inside Mortgage Finance.
In the third quarter alone, the smaller lenders, defined as those outside the top five, gained about six percentage points of market share, according to data compiled by Paul Miller, an analyst with FBR Capital Markets.
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