We noted recently that Bank of America’s market share of residential mortgage originations had slipped, which helped Wells Fargo make some huge gains and overtake the top spot.
Now comes word from Inside Mortgage Finance that Bank of America has also lost the title of biggest mortgage servicer to Wells Fargo.
The San Francisco bank “officially became the top servicer in the country at the end of 2011. With $1.82 trillion in mortgage servicing and a 17.7 percent share of the total market, Wells Fargo edged out Bank of America, which held $1.77 trillion in mortgage servicing and a 17.2 percent market share. Chase rounded out the top three mortgage servicers at year-end with $1.17 trillion in volume and an 11.4 percent market share. No other servicer held more than a 5 percent share of the total market going into 2012. Wells is now both the top mortgage originator and the top mortgage servicer.”
All in all, you’ve got to like Wells Fargo’s position in the market right now. It is not nearly as encumbered as Bank of America and will likely benefit from any wave of refinancings that result from various government plans. That wave can’t be counted on of course. But if it materializes, the bank will likely emerge as one of the big winners. Consumer banking, including mortgages, was a big bright spot for Wells Fargo when it announced fourth quarter earnings, which beat expectations.
For more:
- here’s the article
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