2013's biggest originator more than doubles its competitors

by Adam Smith12 Mar 2014
The nation's largest mortgage lender last year beat its nearest competitor handily, originating more than twice as much new business.

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.