JPMorgan Chase has taken the crown from Wells Fargo. It now leads the former top mortgage player in third-party servicing, origination volume, and on-balance-sheet home loans, reports Bloomberg.
Wells Fargo held the rank of the largest mortgage lender among US banks for many years. After the 2008 financial crisis, many financial institutions pulled back from the mortgage segment. But Wells doubled down. And as a result, its market share grew. At one point, Wells was transacting one in every three mortgages in the country.
Earlier this year, Wellls announced it was leaving correspondent lending and cut back in servicing.
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