Wells Opens Huge Lead in Home Fundings, B of A Now #3

Mortgage & Real Estate

Wells Fargo Co. has been the market leader in residential fundings for two years now — but never before has it opened up such a wide lead over its two closest competitors, JPMorgan Chase and Bank of America.

According to figures compiled by National Mortgage News, Wells funded $89 billion in the third quarter – more than twice the volume that the number two ranked firm, JPMorgan Chase, originated.

Bank of America, as expected, slipped to number three in NMN‘s rankings, funding $33 billion to JPM’s $37 billion. (In 2Q Wells’ home funding volume was just 36% more than the number two ranked B of A.)

The Charlotte-based megabank has been actively reducing the size of its mortgage business for well over a year now and is in the process of shuttering its top ranked correspondent division.

Recently, B of A halted retail residential production in six low volume states including Alabama, Alaska, Montana, Nebraska, Wisconsin, and Wyoming.

Meanwhile, Wells is poised to gobble up even more market share in the coming quarter. According to its recent earning statement, it had $84 billion of home mortgages in its origination pipeline compared to $51 billion at June 30.

Daily Briefing | Thursday, October 20, 2011

  • Subservicers Approved in Proposed B of A RMBS Settlement

    Nine specific subservicers have gotten approval to handle loans underlying Bank of America-owned Countrywide RMBS as part of a proposed $8.5 billion settlement.

  • White House Wants to Make Galante Permanent FHA Chief

    President Obama midweek signaled his intention to nominate Carol Galante to be the new Federal Housing Administration commissioner, the White House confirmed.

  • Mortgage Default Rates Increase in September

    Consumer credit defaults were higher for first and second mortgages in September from the previous month, according to the SP/Experian consumer credit default indices.

  • Rates Generally Stabilizing After Last Week’s Rise

    Mortgage rates generally appear to be stabilizing after last week’s jump above record lows, according to Freddie Mac’s latest survey.

  • Existing Homes Sales Dip Again

    Sales of existing single-family homes fell 3.6% in September after a 9% spike in August, according to new figures released by the National Association of Realtors.

  • Upswing Trend of Existing Home, Condo Sales in Florida Continues

    Annual sales of existing homes and condos in Florida increased 10% in September indicating an upswing trend that started to become apparent in January may continue.

  • B of A $8.5B MBS Settlement Case Will be Heard in Federal Court

    A federal judge has ruled the massive $8.5 billion settlement between Bank of America and several large investors who lost billions on private label MBS will be heard in federal court.

  • Beige Book: Refis Strong in Several Districts

    Half of the 12 Federal Reserve Banks reported an increase in mortgage refinancings by lenders operating in their districts, according to the central bank’s new ‘Beige Book’ report.

  • CFPB Names Humphrey to Head ‘Seniors’ Office

    The Consumer Financial Protection Bureau has enlisted former Minnesota attorney general Hubert Humphrey III to head a special effort to identify and prevent scams targeted at senior citizens.

  • New York’s High Court to Hear CU Appeal of Mortgage Tax

    The New York State Court of Appeals late Wednesday agreed to hear an appeal from Hudson Valley Federal Credit Union, which claims its status as a federally chartered credit union should exempt it from the state’s recordation transfer tax on all real estate transactions.

Leave a Reply