Deals
Wells Fargo Dominates Home Lending as BofA Retreats: Mortgages
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Wells Fargo & Co., already the largest U.S. home lender, won the biggest market share ever recorded as competitors led by Bank of America Corp. pulled back after suffering more than $65 billion in combined mortgage losses.
Wells Fargo made 33.9 percent of the $385 billion of mortgages originated in the first quarter, up from 30.1 percent in the preceding three months, according to Inside Mortgage Finance. That’s more than triple the share of the closest competitor, JPMorgan Chase & Co., with 10.6 percent. U.S. Bancorp moved into third place from fifth, with 5.2 percent, ahead of Bank of America, with 4.2 percent.