Industry NewsMortgage

Quicken Loans surpasses BofA in home lending

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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 Depart...