Quicken Loans Becomes Nation’s Top Lender
February 26, 2018
Quicken Loans has surpassed Wells Fargo as the number one mortgage lender in the country, the company announced. In the fourth quarter of 2017, Quicken Loans garnered $25.1 billion in originations compared to Wells Fargo’s $22.9 billion, according to data from Inside Mortgage Finance. But for the entire year, Wells Fargo was still the leader, with $94.7 billion in originations compared to Quicken Loans’ $86 billion.
Still, Quicken Loans may be able to maintain a longer lead over Wells Fargo, which has been ordered by the Federal Reserve to restrict company growth until it “sufficiently improves its governance and controls” and demonstrates compliance with industry regulations.
According to Inside Mortgage Finance, other lenders ranking top 10 in volume are Bank of America Home Loans ($50.6 billion), Chase ($50.3 billion), loanDepot ($29.9 billion), PHH Mortgage ($20.8 billion), Fairway Independent Mortgage ($19.9 billion), Guaranteed Rate ($19.1 billion), Caliber Home Loans ($17.9 billion), and U.S. Bank Home Mortgage ($17.8 billion).
United Wholesale Mortgage was the number one wholesale mortgage lender for residential loans in 2017, its third consecutive year at the top, according to Inside Mortgage Finance. The company hit a record high in volume at $29.5 billion, up 29 percent from the year prior.
Source: “IMF Data Validates: Quicken Passes Wells Fargo as No. 1 Mortgage Lender,” HousingWire (Feb. 22, 2018)
Updated: October 15, 2019