The American mortgage landscape inevitably shifted after 2008, and it looks like the past four years helped a few firms while hurting others. Count Wells Fargo as a lender in the good camp, according to the Wall Street Journal. The publication notes in a new article that the big bank gained a prominent position in the mortgage lending space these past few years.
International Business Times has more:
San Francisco-based Wells Fargo has emerged from the collapse of the U.S. housing bubble as the nation’s dominant mortgage lender, grabbing an unprecedented 28.8% share of all home loans issued nationwide last year, The Wall Street Journal reports.
That figure is up from 11.2% in 2007, the year before Wells Fargo purchased Wachovia. Its home-loan production hit $524 billion last year, the largest annual total ever for one lender and more than the output of the next five largest lenders combined, according to the publication Inside Mortgage Finance.