According to a report from Inside Mortgage Finance, Quicken Loans was the top lender in the third and fourth quarters of 2017 with $25.1 billion in originations. It beat Wells Fargo who had $22.91 billion in originations for that period. Wells Fargo was still the leader for the full year of 2017 with $94.67 billion, whereas Quicken had $86 billion. This gap was significantly lower than the previous year, suggesting that soon the purpose-built Quicken Loans may be surpassing the large, multi-purpose Well Fargo as the No. 1 Lender in the U.S. Additionally, Wells Fargo’s growth is being curbed by the Federal Reserve.
- Quicken Loans was the No. 1 Lender in the U.S. for the third and fourth quarters of 2017.
- Wells Fargo was still the top lender in 2017 when comparing data for the entire year.
- The Federal Reserve has taken action to curb Wells Fargo’s growth due to “compliance breakdowns and widespread consumer abuses”.
- United Wholesale Mortgage was again named the No. 1 wholesale mortgage lender in America for the third year in a row.
During the fourth quarter of 2017, Quicken Loans was the top lender $25.1 billion in originations, versus Wells Fargo’s $22.91 billion; a remarkable feat for a nonbank to beat a big bank.
However, for the full year of 2017, Wells Fargo still came out on top with its $94.67 billion, up from $86 billion from Quicken.
HMDA data shows that in 2016, Wells Fargo ranked first by total origination volume with its $126 billion, followed by Quicken Loans with its $90.6 billion in total originations.
The Federal Reserve took an unprecedented step and ordered Wells Fargo to stop growing. The Fed cited what it called compliance breakdowns and widespread consumer abuses, as the primary motivations for the order.
IMF’s data also looked at other top mortgage lenders in the U.S., ranking Bank of America Home Loans as third overall in mortgage originations with $50.58 billion, followed by Chase with $50.28 billion, loanDepot with $29.91 billion, PHH Mortgage with $20.83 billion, Fairway Independent Mortgage with $19.91 billion, Guaranteed Rate with $19.14 billion, Caliber Home Loans with $17.94 billion and U.S. Bank Home Mortgage rounding out the top 10 with $17.84 billion.
The data also included other revelations, such as naming United Wholesale Mortgage as the No. 1 wholesale mortgage lender for residential loans for the third consecutive year. UWM produced an all-time company record loan volume of $29.5 billion, up 29% from the year before.
View the original article at HousingWire