The DBO licenses and regulates more than 360,000 individuals and entities that provide financial services in California. Lenders licensed under the California Finance Lenders Law reported a 61.7 percent jump in the number of residential mortgage loans they made (to 78,073), and a 55.3 percent rise in the aggregate principal (to $24.6 billion).Ĭombined in 2015, non-bank mortgage lenders licensed under both laws reported a 49 percent increase in the number of loans (to 615,830), and a 56.6 percent increase in aggregate principal (to $203.9 billion). and Suntrust Mortgage, Inc.Ī report released by the DBO June 30 showed mortgage lending by non-banks licensed under a different law also increased substantially in 2015 compared to the prior year. loanDepot, LLC Nationstar Mortgage, LLC Ocwen Loan Servicing, LLC Pennymac Loan Services, LLC Stearns Lending, Inc. Finance of American Mortgage, LLC Guaranteed Rate, Inc. Prominent lenders and servicers licensed under the Residential Mortgage Lending Act include: Quicken Loans Prospect Mortgage, LLC Caliber Home Loans, Inc. In 2012, the first year the DBO started collecting such data, licensees reported completing 18,468 foreclosures. Licensees reported completing 16,246 foreclosures in 2015, down 3.6 percent from the 2014 total of 16,853. This number hit a low of $234.7 billion in 2009.
On the servicing side, the aggregate average principal amount of loans serviced by licensees each month increased 7.4 percent in 2015, to $766.2 billion from $713.1 billion in 2014, the data showed. Still, last year’s total was 29.6 percent below the $254.8 billion recorded in 2006. The 2015 principal amount represented a 364.5 percent increase from 2008’s low point of $38.6 billion, according to the report. The aggregate principal for mortgages originated in 2015 grew 56.7 percent from 2014, to $179.3 billion from $114.4 billion. Licensed lenders originated 537,757 mortgages in 2015, up 47.3 percent from 2014’s total of 365,045, according to the data.
And, fortunately, technology upgrades have made it easier for us to do that job.” “That’s why we thought it was important to start sharing this data with the public and policymakers. “Non-banks’ share of the mortgage market has grown substantially in recent years, and California is no exception” said Owen. It’s the first such report ever issued by the DBO. Today’s report presents consolidated data from unaudited annual reports filed with the DBO by mortgage lenders and servicers licensed under the California Residential Mortgage Lending Act. DBO will remain on guard against the bad underwriting and unfair business practices that crashed our economy and inflicted financial hardship on millions of Californians.”
“The numbers are cause for encouragement, but not giddiness. “It’s only one indicator, but this data points to the continued good health of California’s housing market,” said DBO Commissioner Jan Lynn Owen. SACRAMENTO – Mortgage lending by non-banks in California increased substantially in 2015, measured both in volume and principal amount, according to a report released today by the Department of Business Oversight (DBO). Number of Loans Up 47% Principal Grew 57% Finally, we make recommendations as to the steps remaining banks should take to digitize their mortgage application offering and secure their market share.Mortgage Lending by Non-Banks Increased at Fast Pace in 2015, DBO Report Shows Next, we share how legacy players are responding to this disruption by unveiling their own digital mortgage offerings since the beginning of 2018, including: Wells Fargo, Chase, BofA, SunTrust, TD Bank, Ally Bank, and US Bank. WHAT’S IN THIS REPORT? In this report, Insider Intelligence will unpack how digitally advanced nonbanks and alt lenders have transformed mortgage lending with a complete end-to-end online mortgage application and fast approval process, including QuickenLoans, loanDepot, and SoFi. Where should banks that have yet to digitize their mortgage offering focus their efforts?.How are legacy players are responding to the threat as some major banks unveil their own digital mortgage platforms?.How have alternative lenders transformed the mortgage lending process, from back-end automation to borrower experience innovation?.Three Key Questions This Report Will Answer:
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