Wells Fargo & Co. – as the industry is quite aware – is a dominant force in both residential production and servicing, but it continues to tower above all competitors in the GNMA MBS market.
According to new government figures, Wells Fargo Bank, N.A. issued $27.7 billion of GNMA MBS in the third quarter, amassing an issuance market share of 36.84%.
In 2Q Wells' GNMA share was even higher – at 38%.
It closest competitor in the field was Bank of America with a 19.74% share. But as B of A continues to whittle down its presence in mortgages it's anticipated that Wells will gain even more. (JPMorgan Chase is a distant third with a 9.21% share.)
Wells' staggering share readings come amid efforts by GNMA president Ted Tozer to get more mortgage firms to issue their own securities instead of selling whole loans upstream to the nation's mega-issuers -- such as Wells.
In residential funding and servicing, Wells has market share readings north of 20%, according to figures compiled by National Mortgage News and the Quarterly Data Report.
