Top Mortgage Lender in 2009 is Wells Fargo

March 15, 2010 No Comments »

wells fargo

San Francisco-based bank Wells Fargo grabbed the title of top mortgage lender in 2009, according to MortgageDaily.com.

Wells Fargo saw loan origination volume increase a whopping 83 percent compared with numbers in 2008, thanks largely to the record low mortgage rates on offer.

It was the second year in a row Wells Fargo held the top spot; the prior four years were dominated by a certain Countrywide Home Loans, which you may recall was acquired by Bank of America.

Speaking of, Bank of America was the second largest home loan lender last year, with volume up 116 percent compared to 2008.

JPMorgan Chase grabbed the third spot despite seeing YoY lending volume fall 17 percent, and bested Citigroup and GMAC, which rounded out the top five.

Citi saw annual loan origination volume fall 22 percent, while GMAC saw originations climb 17 percent, though the company remains on life support.

Smaller mortgage lenders that experienced explosive growth included Fremont Bank, where originations jumped 264 percent, Lenders One Mortgage Cooperative, where volume climbed 110 percent higher, and retail lender Quicken Loans Inc., which saw a 108 percent increase.

Overall, home loan production increased roughly 40 percent in 2009 compared with one year earlier.

However, it’s due to fall sharply this year, as both refinancing and purchase mortgage activity look to be flat.

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