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Wells Fargo Funded 22% of New Mortgages

Published
August 19, 2013
Christine DiGangi

Christine DiGangi is the former Deputy Managing Editor - Engagement for Credit.com and covered a variety of personal finance topics. Her writing has been featured on USA Today, MSN, Yahoo! Finance and The New York Times International Weekly, among other outlets.

Wells Fargo led U.S. lenders in new home loans in the second quarter of 2013, approving $112 billion of the $502 billion (22 percent) distributed nationwide, according to an estimate by Mortgage Daily.

With a portfolio of $1.9 trillion in mortgages, the bank maintained its spot as the top mortgage servicer, ahead of JPMorgan Chase. Bank of America, previously taking the second-place spot, dropped to third.

Chase and Bank of America were distant Nos. 2 and 3 in second-quarter lending, funding $49.5 billion and $26.8 billion, respectively. Quicken Loans came in fourth with $23.8 billion, after it topped Bank of America in the first quarter.

Walter Mortgage recorded the largest percentage gain from the first quarter, increasing originations from $0.4 billion to $4.7 billion, and Nationstar quadrupled its business in the largest year-over-year gain. Overall, mortgage activity increased about 2 percent from the first quarter and 8 percent since June 2012.

Third-quarter originations are estimated to decline about 22 percent, based on Mortgage Daily’s Mortgage Market Index.

Image: Blend Images

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