Wells Fargo has been the king of mortgage banking in several ranking categories but now it’s captured yet another crown: a 30% market share in Ginnie Mae servicing.
According to government figures compiled by National Mortgage News, Wells serviced $379.9 billion of Ginnie Mae securities at June 30, giving it a 30% market share in that category.
Its next closet competitor was Bank of America at $289 billion and a market share of 23%. (GNMA securities are collateralized by FHA and VA backed mortgages.)
In the first quarter Wells ranked first among all residential funders with a 30% market share. Last month it exited the wholesale channel, but will continue to buy loans on a correspondent basis.
In overall servicing, it ranks first with a $20% share ($1.8 trillion in loans) according to NMN and the Quarterly Data Report.
It grew its GNMA servicing portfolio by 18% in the second quarter. B of A’s GNMA MSRs fell by 1%.