Not only is Wells Fargo & Co., the nation’s largest residential funder of home mortgages, it is also the largest originator of FHA and VA loans.
According to a new ranking compiled by National Mortgage News and the Quarterly Data Report, Wells funded $32.6 billion of FHA/VA loans in the fourth quarter, a 5% jump compared to the same period a year earlier.
Bank of America ranked second among all FHA/VA lenders with $27.8 billion funded in the quarter, but its volume fell by 25%. Chase, the home finance division of JPMorgan Chase, ranked a distant third with $5.7 billion.
FHA/VA accounted for 25% of Wells’ fundings in the period – but B of A’s share of total production was much larger at 32%. Just 11% of Chase’s total fundings were FHA/VA. Its government-backed originations fell by 50%.
Last year NMN began surveying lenders for their FHA and VA volumes for the first time.
Besides ranking first, second, and third, respectively, Wells, B of A, and JPM are also the nation’s largest issuers of Government National Mortgage Association-backed MBS.
