Bank of America/Countrywide are now no longer the nations number 1 lender of home loans. Wells Fargo have taken this honour for the time being. Honor said loosely and I am not sure what of an honor this it. Countrywide held this distinction under somewhat dubious circumstances.
Wells Fargo appeared proud saying that they are able to grow market share. Who couldn't in this marketplace?... and who are the competition? That has diminished dramatically. National City Mortgage are really not competition as everyone seems to complain they cannot close a loan. That small regional main street bank try so feebly to sell mortgages, but their rates and terms are laughably mean. Thier market share coming from the customer loyalty stratedgy which can only be short lived.
But there is competition from all the correspondence lenders, it is my belief that this section of lending industry will slowly grow, using savvy investors to fund their loans.
We will see.
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