Wells Fargo originated twice as many mortgages during the fourth quarter of 2015 as Chase, according to a new report.
Industry publication Mortgage Daily analyzed lending data from federally insured banks, credit unions and nonbank lenders to find that while Chase originated $23 billion loans, Wells Fargo originated $47 billion. Nonbank lender Quicken Loans came in third place with $19 billion in originations.
Rounding out the top 5 were U.S. Bancorp and Bank of America.
Quarterly Originations by Lender
(in billions/includes home-equity lending)
|Lender||Q4 2015||Q3 2015||Q4 2014|
|Bank of America||$17||$17||$15|
|PennyMac Mortgage Investment Trust||$11||$5||$8|
Overall, mortgage originations in the U.S. totaled approximately $375 billion during Q4 2015. That's down from $435 billion in the previous quarter, but about a third higher than Q4 2014, Mortgage Daily said.
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Nonbank lenders gain more market share
Banks lost 4% of their total mortgage market share year over year, falling from 47% to 43%. Nonbank lenders had a small lead over banks last year with a 48% market share, which is up from 44% in 2014. The credit union share was unchanged at 9%.
Here's the market share breakdown for the largest lenders, according to Mortgage Daily:
- Wells Fargo, 12.7%.
- Chase, 6.3%.
- Quicken, 4.7%.
- U.S. Bancorp, 4.2%.
- Bank of America, 4.2%.
- PennyMac Mortgage Investment Trust, 2.9%.
- PHH Corp., 2.4%.
- Citigroup, 1.8%.
- Flagstar Bancorp, 1.7%.
- loanDepot, 1.7%.
Wells Fargo was also found to be the largest mortgage servicer.
Credit unions are another option when looking for a mortgage lender. Here are 3 reasons getting a mortgage from a credit union is a good idea.
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