Perhaps the
future of American Consultants credit is coloring with rosy hues. In
fact, of the nearly $ 33 billion of loans granted by banks in the third quarter
of the year, 9.2% of market share belongs to the credit counselors, as reported
by the Quarterly Data Report released a few days ago by the magazine industry
National Mortgage News .
In
the first and second quarters of 2011, brokers have maintained a market share
of 6.8% and 7.9% respectively. The
growth in 3Q is definitely a great sign of recovery, but if we compare the data
with previous years we find that only 3 years the market share occupied by the
consultants in the mortgage business reached 19%, thanks to the privileged
relationship with the banks .
Are
retail banks to occupy the largest share of the market: 52% of the market share
of mortgages.
Although
the credit industry consultants, as a whole, has gained ground during the first
quarter of the year, many of the major wholesalers have delivered lower volumes
compared to the same quarter of 2010.
Wells
Fargo & Co., one of the largest financial services companies American (and
third wholesalers in the country), this year has allocated $ 3.9 billion to
consultants for the closure of mortgage contracts (the so-called table
funding): that is to say
60% less than in 2010.
Another
financial services company, the Californian Provident Funding Associates, has
created a table funding of $ 5.1 billion (the highest in the country) which,
however, has meant a -28% compared to last year, while U.S. Bank Home Mortgage
has provisions
of $ 4.5 billion for credit counselors, however, equal to a -41% compared to
2010.
Bank
of America, despite having announced to exit the mortgage business as early as
last year, is still on the market, albeit with a somewhat reduced presence. The
table funding of the bank to the third quarter of 2011 totaled $ 60 million,
but the comparison is not the same period of 2010 does not take the comparison
since 30th September last year there was talk of values equal to 4.6 billion dollars.
The
credit counselors who work in the mortgage market have been decimated during
the deep crisis that has hit the real estate market with many analysts who have
accused the industry of distributing funding of poor quality. However,
the consultants have repeatedly stated that these bad loans would have to be earmarked
for securitization and underwriting, and which have nothing to do with the
mortgage market.
Always
credit counselors believe they are in a "competitive disadvantage"
because of the new regulations (the Mortgage Market Review), but the data
indicate that their growth in market share relative to this business bode well
for the future
