We know who the largest lenders have been over the past quarter, but which banks are the top loan servicers, responsible for collecting and managing monthly mortgage payments for millions of Americans?
Well, after acquiring Countrywide’s vast home loan operation, Bank of America easily became the top loan servicer in the nation with $2.1 trillion in servicing volume as of the end of the first quarter.
Bank of America had servicing volume of just $530 billion a year earlier.
Wells Fargo, which had been the top loan servicer as recently as the second quarter of 2008, came in a close second with $1.8 trillion in servicing volume, up from $1.5 trillion a year earlier.
Chase is the third largest loan servicer, with $1.5 trillion in servicing volume, up from $795 billion a year ago, thanks in part to its acquisition of WaMu.
CitiMortgage rang in fourth with $792 billion in volume, down from $799 billion a year ago.
ResCap (GMAC) was fifth, with $391 billion, down from $449 billion in the first quarter of 2008.
Rounding out the top ten were National City Mortgage, SunTrust Mortgage, U.S. Bank Home Mortgage, OneWest/IndyMac, and PHH Mortgage.
Chase, American Home Mortgage, and BofA/Countrywide are the top subprime loan servicers.
Top Mortgage Servicers
1. Bank of America – $2.1 trillion
2. Wells Fargo – $1.8 trillion
3. Chase – $1.5 billion
4. Citi – $792 billion
5. ResCap (GMAC) – $391 billion
Data provided by National Mortgage News.