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In 2008, the U.S. banking industry ruled the residential mortgage market like Britannia once ruled the waves. Eight of the 10 largest mortgage originators were banks and together they commanded nearly 70% of the market, according to one industry ranking. Wells Fargo & Co. was the undisputed leader with a 16% market share. Then came the Great Financial Crisis which the collapse of the subprime mortgage market was a principal cause, and everything changed. Today, there are just three banks including Wells Fargo among the top 10 originators, but together they account for a measly 8.7% of the market. The…
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WRITTEN BY
Jack Milligan
Editor-at-Large
Jack Milligan is editor-at-large of Bank Director magazine, a position to which he brings over 40 years of experience in financial journalism organizations. Mr. Milligan directs Bank Director’s editorial coverage and leads its director training efforts. He has a master’s degree in Journalism from The Ohio State University.