Wells Fargo became the top residential mortgage lender in the second quarter, according to an analysis released today by MortgageDaily.com.
The San Francisco-based bank and home loan lender pushed Countrywide out of first place by funding a whopping $63 billion during the quarter.
Countrywide, who had long held the number one spot, was only able to clear about $59 billion during the same period, slipping two spots to third.
The Calabasas, CA-based company had previously funded $73 billion in the first quarter of 2008 and $130 billion a year earlier, but recently had to stamp out subprime lending and layoff scores of employees.
JP Morgan Chase claimed the second spot with $61.4 billion in loan fundings, while Citigroup took the fifth spot with $28.5 billion funded.
Despite Wells Fargo’s strong performance, their reign at the top will likely be short lived, as the recently completed merger of Countrywide and Bank of America should result in upwards of $90 billion in quarterly loan production.
The analysis, which included 13 of the largest U.S. mortgage lenders, found that residential loan origination volume was down roughly 10 percent from the first quarter and 36 percent from the second quarter of 2007.