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Mortgage Banking
First Research, Aug 2009, Pages: 10
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Executive Summary
Brief Excerpt from Industry Overview Chapter:
The US mortgage banking industry includes about 7,000 firms with combined annual revenue that varies between $50 and $75 billion. Major companies include units of Wells Fargo, JPMorgan Chase, Citigroup, and Bank of America. The industry is concentrated: the largest 50 companies generate about 70 percent of revenue.
COMPETITIVE LANDSCAPE
Demand for mortgage services is driven by home sales and the refinancing that occurs when mortgage rates are low. The profitability of individual companies depends on volume, interest rate spreads, and efficient operations. Large companies have big economies of scale in operations. Small companies compete successfully by funneling mortgages to the large companies. The industry is also capital-intensive and highly automated: annual revenue per employee is close to $300,000.
The global financial crisis of 2008-2009 redrew the mortgage banking landscape. Several prominent mortgage lenders became insolvent and were acquired after subprime mortgages failed. A handful of brand-name banks has emerged as industry leaders. JPMorgan Chase took over Washington Mutual after its mortgage unit's losses led to the largest bank failure in history. Bank of America bought Countrywide Financial, once the nation's largest mortgage lender. IndyMac, California's largest mortgage lender, went bankrupt and some of its assets were bought by private equity firms.
PRODUCTS, OPERATIONS & TECHNOLOGY
Mortgage banks lend money to homeowners through a mortgage, with the home as collateral. The traditional mortgage has a fixed interest rate and level monthly payments that pay ...
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