Back in 2000, the top five mortgage lenders held a 29.01 percent share of the overall residential mortgage market.
This year, it is estimated that the five largest mortgage lenders will hold a whopping 62.52 percent stake.
Meanwhile, the top 10 mortgage lenders will hold 72.54 percent of the market – that compares to just 39.55 percent back in the year 2000.
The top five mortgage lenders have increased their share of the overall market consistently over the past five years, while the top 10 have seen increases in four of the past five years.
Sadly, this means there is less competition out there, and less choice, though most borrowers seem content with fixed mortgages above all else.
Wells Fargo Held 25% Market Share in the Second Quarter
During the second quarter of 2010, Wells Fargo was the top mortgage lender with nearly $83 billion in loan origination volume and 25 percent market share, followed by Bank of America with $74 billion (23% market share) and Chase with nearly $34 billion (10% market share).
Earlier this week, Bank of America shuttered its wholesale mortgage business, another blow to mortgage brokers who seem to be getting squeezed out of the market entirely.