Wells Fargo Top Mortgage Lender for the Fourth Consecutive Quarter, Thetruthaboutmortgage.com


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Wells Fargo was the top residential mortgage lender for the fourth consecutive quarter, according to MortgageStats.com.

The San Francisco-based bank and mortgage lender grabbed nearly a quarter (23.13 percent) of total market share with $102.8 billion in loan origination volume during the third quarter.

The company bested its year-ago total of $97.9 billion and crushed the $83 billion originated in the second quarter, thanks in part to the record low mortgage rates on offer, which sparkedrefinance demand.

Bank of America came in a distant second with $74 billion and 16.66 percent market share – Chase originated about half of that, with $42.7 billion and 9.60 percent market share.

Their volume was nearly identical to the volume seen a quarter earlier, but 25 percent lower than that seen a year ago.

Rounding out the top five were CitiMortgage and Ally Bank/Residential Capital (GMAC) with $20.3 billion and $20.2 billion, respectively.

The pair saw market share of just over nine percent combined.

So the five largest mortgage lenders accounted for nearly 60 percent of all loan origination volume.

Quicken Loans was the biggest gainer in the top 10, with an 88 percent increase seen from the third quarter of 2009.

SunTrust Bank was the biggest loser year-over-year, chalking a 34 percent decline.

Take a look at the top 10 mortgage lenders in the third quarter of 2010:

 

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Fred Stewart
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