The US mortgage market has changed dramatically since the financial crisis. While most of the banking industry has continued its decades-long consolidation, the mortgage origination industry has moved in exactly the opposite direction.
Instead of consolidating, the post-crisis origination market has been characterized by the resurrection of independent mortgage lenders, the emergence of modularity, and overall fragmentation. This shift in market share away from large banks has been sweeping.
In Shifting Sands and Crumbling Towers: Competitive Dynamics in Mortgage Originations, we explore where exactly large bank market share has gone, drivers underlying the shift, and where future competitive advantage will come from.
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