Final Tally: Wells Fargo Sets Another Production Market Share Record

Wells Fargo & Co., continued to be an origination powerhouse in the second quarter, funding $131 billion of new home mortgages and setting yet another record in quarterly market share: 31.12%

In the prior quarter Wells’ had a 30.53% share and in the second quarter of last year, 22.62%, according to exclusive survey figures compiled by National Mortgage News and the Quarterly Data Report.

This past summer the megabank exited the wholesale channel, which is likely to reduce its originations going forward. (Wholesale accounted for almost 6% of its total originations. It was the largest lender in that channel as well.)  

The nation’s residential originators funded $422 billion of home mortgages in the second quarter, just about flat with 1Q, but another strong performance driven by low interest rates and record high refinancings.

It was the third consecutive quarter where mortgage bankers originated $400 billion or more in loans. Moreover, loan officers are providing anecdotal evidence that they are refinancing clients they already refinanced last year.

According to NMN/QDR, the top five – as a group – had a combined production market share of 55.33%, compared to 57.75% in the same period a year ago. (For complete analysis of the second quarter results see the weekly edition of NMN.)