Wells Fargo & Co. has been the market leader in residential fundings for two years now -- but never before has it opened up such a wide lead over its two closest competitors, JPMorgan Chase and Bank of America.
According to figures compiled by National Mortgage News, Wells funded $89 billion in the third quarter – more than twice the volume that the number two ranked firm, JPMorgan Chase, originated.
Bank of America, as expected, slipped to number three in NMN's rankings, funding $33 billion to JPM's $37 billion. (In 2Q Wells' home funding volume was just 36% more than the number two ranked B of A.)
The Charlotte-based megabank has been actively reducing the size of its mortgage business for well over a year now and is in the process of shuttering its top ranked correspondent division.
Recently, B of A halted retail residential production in six low volume states including Alabama, Alaska, Montana, Nebraska, Wisconsin, and Wyoming.
Meanwhile, Wells is poised to gobble up even more market share in the coming quarter. According to its recent earning statement, it had $84 billion of home mortgages in its origination pipeline compared to $51 billion at June 30.
