Wells Fargo Edged Past BofA in Mortgage Servicing at End of 2011
February 2, 2012
While Bank of America has ruled the mortgage servicing business ever since it acquired Countrywide back in 2008, that three-and-a-half-year reign has quietly ended. According to a new ranking scheduled to be released by Inside Mortgage Finance this week, Wells Fargo officially became the top servicer in the country at the end of 2011. With $1.82 trillion in mortgage servicing and a 17.7 percent share of the total market, Wells Fargo edged out BofA which held $1.77 trillion in mortgage servicing and a 17.2 percent market share. Chase rounded out the top three mortgage servicers at year-end with $1.17 trillion in volume and an 11.4 percent market share. No other servicer held more than a 5 percent share of the total market going into 2012. Wells is now both the top mortgage originator and the top mortgage servicer.
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