Quicken Loans surpassed Bank of America as the nation’s third-biggest mortgage lender during the last three months of 2012, according to rankings from Mortgage Daily.
Wells Fargo maintained its top spot with 23 percent market share and $125 billion in fourth-quarter origination volume, followed by Chase with 10 percent market share and $51.6 billion in volume.
Quicken Loans’ market share was 5 percent in the fourth quarter with $25.1 billion in originations, while Bank of America came in at 4 percent market share and $22.5 billion in mortgage production.
Overall originations rose 30 percent in 2012 to $1.89 trillion, with a 17 percent year-over-year increase in the fourth quarter to $537 billion. First-quarter originations are expected to fall 16 percent from the fourth quarter, the Mortgage Daily said.
Of all 2012 loan originations, some 93 percent were backed by the government — about 20 percent were either insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, and about 73 percent were financed by Fannie Mae or Freddie Mac.
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