Wells Fargo and Countrywide Flex Muscles in 2Q04; WaMu Downshifts
September 2, 2004
The second quarter opened up strategic growth opportunities for mortgage lenders that were poised to capitalize on them, while leaving other competitors treading water in an evolving market. Wells Fargo Home Mortgage, Countrywide Financial and – to a lesser extent – Chase Home Finance all leveraged the increase in mortgage lending volume to continue building their servicing businesses aggressively during the quarter. But last year’s market leader, Washington Mutual, lagged behind its top rivals while a