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Origination News | Lender Ranking | Fundings by Lender | Statistics
Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.


Bank of America Gives Up its No. 2 Ranking

MortgageDaily.com releases Q3 lender ranking

Nov. 7, 2011

By MortgageDaily.com staff


In its third-quarter ranking of residential mortgage lenders, Mortgage Daily reported that Bank of America Corp. -- which at one time was the biggest U.S. mortgage lender -- lost its No. 2 title among residential lenders.

In the third quarter of 2008, fresh off its acquisition of Countrywide Financial Corp., BofA reported that it originated $58.6 billion in home loans -- more than any other lender in the country.

The rise to prominence was no surprise given that Countrywide ranked as the biggest lender each of the four prior years.

What was a surprise was how quickly the combined company lost the title -- with Wells Fargo & Co. grabbing the No. 1 spot for all of 2008 and never looking back.

Turns out that Countrywide was a can of worms that BofA has yet to recover from. As the Charlotte, N.C.-based company fends off an almost nonstop stream of litigation, it has eliminated Countrywide's subprime lending, mortgage broker business and correspondent operations.

The radical reduction of business lines has cut deeply into its originations and left it as the No. 3 lender this past quarter behind JPMorgan Chase & Co.

Given that the full impact of closing its correspondent lending unit has yet to be felt, the company could fall further in the rankings.

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M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.


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