Wells Fargo relinquished its title as the top mortgage lender in the country during the third quarter, according to a new report from MortgageDaily.com.
The San Francisco-based bank and mortgage lender, which held the top spot in the second quarter and in all of 2008, was leapfrogged by Bank of America in the latest quarter.
Bank of America funded $98 billion during the quarter, a 14 percent decline from a quarter earlier, but two-thirds better than volume seen a year ago.
Wells Fargo dropped to number two as loan origination volume slipped 25 percent from a quarter earlier.
Chase secured the third spot, though orginations declined 10 percent from the second quarter; GMAC grabbed fourth despite a 17 percent quarter-to-quarter decline.
Rounding out the top five was U.S. Bancorp, which saw lending volume fall nine percent from the second quarter.
Citigroup, which had been the fourth largest lender a quarter earlier, dropped to sixth as volume dropped more than 50 percent from the second quarter and a third from a year ago.
BB&T joined the ranks of the top ten, thanks to the acquisition of Colonial Bank, while Fifth Third (not in the top ten) saw lending volume increase 120 percent year-over-year, the biggest gainer of lenders tracked in the survey.
Top Ten Mortgage Lenders – Third Quarter 2009
1. Bank of America
2. Wells Fargo
5. U.S. Bancorp
7. SunTrust Banks Inc.
8. PHH Mortgage
9. MetLife Inc.