Wells, Bank of America Top Residential Funders in First-Half

Wells Fargo & Co., and Bank of America dominated the residential production market in the first-half, originating $231 billion in loans, and achieving a combined market share of almost 45%, according to figures compiled by National Mortgage News and the Quarterly Data Report. The nation's number three ranked funder, Chase, a subsidiary of JPMorgan Chase, ranked a distant third with $30.8 billion in originations and a market share of just 5.97%. Wells had a first-half market share of 24.77% and BoA 19.87%, NMN/QDR found. Year over year, Wells grew its fundings by 63%, BoA 40%. Both benefitted, in part, by purchasing other originators. (BoA bought Countrywide and Merrill Lynch. Wells bought Wachovia.) The two mega lenders continue to use three origination channels through which they gather loans: retail, wholesale and correspondent. Chase stopped funding mortgages through loan brokers earlier this year. (The complete half-year results appear in NMN's Mid Year Data Report.)