New data from Mortgage Daily's Mortgage Origination Survey has found Wells Fargo was the largest mortgage lender in the U.S. in 2013. The bank saw $351 billion in mortgage originations for 2013, with JPMorgan coming it at second with $168 billion. Bank of America, U.S. Bank Home Mortgages and Quicken Loans rounded out the top five biggest mortgage lenders. Collectively, the top five represented 43% of 2013's mortgage origination activity.
Wells Fargo was also the largest mortgage servicer in 2013, servicing 19% of all outstandings as of December 31.
In spite of the dominance of the nation's top five lenders, residential loan originations fell more than 14% in 2013. Loan volume among all lenders was down 37% between the third and fourth quarters, Mortgage Daily said.
The nation's largest mortgage lender last year beat its nearest competitor handily, originating more than twice as much new business.