Mortgage banking firms are now servicing a record $843 billion in GNMA securities, a 46% spike from a year ago, reflecting the increasing popularity of both the Federal Housing Administration and U.S. Department of Veterans Affairs loan programs.
Moreover, when measured against the on-balance sheet portfolios of Fannie Mae and Freddie Mac, GNMA is now larger than both by tens of billions of dollars.
According to figures compiled by National Mortgage News and the Quarterly Data Report, Wells Fargo continues to dominate the GNMA servicing market with a portfolio that has grown to $215 billion. Bank of America is second with $189 billion. (Figures are as of Sept. 30.)
Combined, Wells and BofA have a GNMA market share of almost 48%, National Mortgage News found, dwarfing the rest of the industry.