DEC 3, 2012 9:27am ET

Final 3Q Tally: Originations at $486B, Wells Sees Share Slip

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Residential lenders funded $486 billion of single-family loans in the third quarter, the industry’s best quarterly showing in almost two years with many top ranked firms experiencing double-digit percentage gains, according to exclusive survey figures compiled by National Mortgage News and the Quarterly Data Report.

Wells Fargo & Co., the nation’s (constant) volume lender, saw fundings jump by 56% compared to 3Q 2011 but also experienced a slight decline in market share: 29.94% compared to 30.35% in 2Q.

It was the first full quarter in which Wells presented its numbers after announcing its exit from the wholesale channel this past summer. Although the megabank said it was exiting the channel, it funded $8 billion of mortgages through loan brokers in 3Q, representing less than 1% of its total production.   

The biggest gainer among the top five was Quicken, a privately held nonbank controlled by businessman Dan Gilbert. Quicken originated $20 billion during the quarter, ranking fifth overall and almost catching up with Bank of America which finished fourth with $21 billion.

B of A was the only firm among the top five that experienced a decline in originations, down 37% compared to a year ago.

The bank continues to deemphasize mortgages and now funds loans in just one channel, retail.

Through the first nine months of the year, mortgage bankers have originated $1.345 trillion. During all of last year the tally was $1.452 trillion.  

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