Top Wholesale Mortgage Lenders Q3 2010

January 11, 2011 No Comments »

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Wells Fargo was the top wholesale mortgage lender in the third quarter of 2010, with $9.7 billion in volume, according to Mortgagestats.com.

That total was down 11 percent from the third quarter of 2009, but nearly double the $5.9 billion seen in the second quarter of 2010.

The San Francisco-based bank and mortgage lender grabbed 17.89 percent market share – it was also the top residential mortgage lender in the third quarter, by volume and number of loans.

Provident Funding took the second spot with $7.1 billion in loan origination volume, up sharply from the $4.3 billion seen a quarter earlier and two percent from a year ago.

U.S. Bank Home Mortgage grabbed the third spot with $6.9 billion in volume, more than double the $3.4 billion seen in the second quarter and 65 percent more than the $4.2 billion seen a year ago.

Bank of America and Flagstar rounded out the top five, though BofA recently noted that it was exiting the wholesale channel, for the second time.

Wholesale mortgage lenders work directly with mortgage brokers, who in turn work directly with homeowners.

Many borrowers choose to go the retail route, e.g. visiting their local bank, but mortgage brokers can shop your mortgage rate with a number of wholesale lenders all at once, so be sure to compare both before locking in a rate.

Related: How to find the best mortgage rates?

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