Mortgages

Wells Fargo Funded 22% of New Mortgages

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Wells Fargo led U.S. lenders in new home loans in the second quarter of 2013, approving $112 billion of the $502 billion (22 percent) distributed nationwide, according to an estimate by Mortgage Daily.

With a portfolio of $1.9 trillion in mortgages, the bank maintained its spot as the top mortgage servicer, ahead of JPMorgan Chase. Bank of America, previously taking the second-place spot, dropped to third.

Chase and Bank of America were distant Nos. 2 and 3 in second-quarter lending, funding $49.5 billion and $26.8 billion, respectively. Quicken Loans came in fourth with $23.8 billion, after it topped Bank of America in the first quarter.

Walter Mortgage recorded the largest percentage gain from the first quarter, increasing originations from $0.4 billion to $4.7 billion, and Nationstar quadrupled its business in the largest year-over-year gain. Overall, mortgage activity increased about 2 percent from the first quarter and 8 percent since June 2012.

Third-quarter originations are estimated to decline about 22 percent, based on Mortgage Daily’s Mortgage Market Index.

Image: Blend Images

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