Wells Fargo Top Mortgage Lender in Third Quarter 2010

November 8, 2010 No Comments »

wells fargo

Another quarter, another top mortgage lender honor for San Francisco-based bank Wells Fargo, according to a survey from MortgageDaily.com.

The company retained its lead at the top with more than $100 billion in residential loan origination volume during the third quarter, followed by Bank of America in second and Chase in third.

GMAC Mortgage and Citi rounded out the top five, and the only change in the top 10 from a quarter earlier was a shuffling of the eighth, ninth, and tenth spots.

Overall, mortgage originations were up roughly a third from the second quarter, but down 37 percent from a year earlier, likely because most homeowners already refinanced when mortgage rates originally dropped to record lows.

Bank of America Top Loan Servicer

Despite Wells being the top mortgage lender, Bank of America was the top loan servicer, thanks largely to its acquisition of Countrywide.

Of course, these days it doesn’t seem to pay to be the top servicer, what with all the robosigner drama and related foreclosure moratoria.

Not to mention a second possible Countrywide bankruptcy

Wells was the second largest loan servicer, followed by Chase, Citigroup, and GMAC.

Former Alt-A and jumbo mortgage lender Indymac, which is now known as OneWest Bank, was the tenth largest loan servicer.

Top Mortgage Lenders Q3 2010

top mortgage lenders

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