Wells Fargo Top Mortgage Lender in First Quarter 2010

May 5, 2010 No Comments »

wells fargo

Wells Fargo retained the title of “top mortgage lender” in the first quarter of 2010, according to mortgage publication MortgageDaily.com.

The San-Francisco-based bank and mortgage lender reported $76 billion in first quarter loan fundings.

Wells was the top mortgage lender in both 2008 and 2009, though it briefly relinquished its title to Bank of America in the third quarter last year.

Both have benefited strongly from acquisitions of Wachovia and Countrywide, respectively.

Bank of America, Chase, GMAC, and Citi rounded out the top five, and were unchanged in rank compared to the fourth quarter of 2009.

Overall, mortgage loan origination volume was off 19 percent from the fourth quarter, the third consecutive quarterly decline.

“Although home-loan volume has declined each of the last three quarters, we have observed several positive industry developments,” MortgageDaily.com founder Sam Garcia said in a release.

“New wholesale programs are emerging, the first non-agency securitization in two years was issued and delinquency is beginning to improve. In addition, mortgage insurance volume rebounded in March from February’s record-low activity.”

Citi was the only lender in the top 10 to report an increase in loan fundings from the fourth quarter.

Two lenders, MetLife and Flagstar Bank, fell out of the top 10, while Quicken and BB&T entered the fray.

top lenders

Leave A Response