The banking industry kicked off the year on a positive note, posting a solid industry-level Pre-Tax ROE of 8.4%, despite the continuous reduction in economic activity. This reduction is clearly reflected in the drop in loan originations, impacting the revenue generating capacity of the banking system. In this issue, we will provide a 10-year review of mortgage originations by depository and non-depository institutions as well as a 5-year analysis of market share fluctuations. The number of institutions originating mortgages in 2015 reached 35, down from a peak of 53 in 2006 (-18 or -34%). In terms of mortgage origination count, the Island experienced a steep drop from 95.5K in 2005 to 21.6K in 2015 (-73.9K or -77%) while the dollar volume decreased from $12.7B to $3.5B (-$9.2B or -73%). Among depository institutions, Popular leads the way commanding 34% market share (dollar volume), followed by Santander and FirstBank both with 18%. Among non-depository lenders, Moneyhouse (17%), SunWest (9%), and Preferred (9%) are the leaders. Given bleak prospects for renewed growth in the near future, loan originations and banks’ earnings potential will remain subdued.