The servicing map has been almost completely redrawn in the last five years. And it continues to be redrawn, with a couple of major changes in the rankings since the end of last year.
Three of the top 10 servicers in 1990 are now defunct: Standard Federal Savings of Gaithersburg, Md., which was liquidated by the federal government; Lomas Mortgage USA, which was sold off in pieces; and Shearson Lehman Mortgage, bought by GE Capital Mortgage Corp.
Ironically, the name Standard Federal is again a big one in the mortgage business. An unrelated thrift in Troy, Mich., bearing that name has become one of the top 10 originators of home loans, but does not rank high as a servicer.
Those that have disappeared since the beginning of the year are Prudential Home Mortgage Co., most of which was acquired by Norwest Corp.; Chemical Residential Mortgage Corp., which merged with Chase Manhattan Mortgage Co.; and BancBoston Mortgage Cos., which was spun off into a joint venture with Barnett Mortgage Co. andLee Partners and renamed HomeSide Lending Inc.
Other servicers have fallen sharply in the rankings since 1990. Citicorp Mortgage, No. 1 five years ago with a $66 billion portfolio, slipped to No. 18 with $39.3 billion as it continued to regroup after a credit-quality crisis.
Fireman's Fund, No. 3 in 1990 with $39.6 billion, slumped to No. 20 as Source One Mortgage Services Corp., with $31.8 billion. Source One is now owned by Fund American Enterprise Holdings, the remains of Fireman's Fund.