Wells Fargo closed nearly 500,000 Loans in 3rd Quarter, Thetruthaboutmortgage.com


I recently noted that Wells Fargo was the top residential mortgage lender based on volume for the fourth consecutive quarter, ending in the third quarter, according to data fromMortgagestats.com.

Well, as you may have suspected, the San Francisco-based bank and mortgage lender was also tops with respect to total number of loans closed.

During the third quarter, the company closed 469,914 home loans, up five percent from the 446,403 loans closed a year earlier.

In the second quarter, the bank closed less than 400,000 loans, but closed a staggering 581,961 in the second quarter of 2009, when the refinance boom got its legs, thanks to those record low mortgage rates.

That, along with the reduced staff, may explain why it took so long to get an underwritingdecision on your loan.

Gone are the days of same-day or 24-hour underwriting – now it’s a couple of weeks, if you’re lucky.

Of course, loan origination volume is expected to slow this year, so maybe it’ll be easier to get that decision from the bank a little quicker.

Check out the rest of the leaders in total residential home loans closed, along with their market share and year-over-year change.

Quicken Loans was the biggest gainer (+65%), while Bank of America saw a more than 25 percent decline, but still held on to the second spot.

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