2012 proved to be a strong year for the mortgage industry as lenders funded nearly 30 percent more in home loans than 2011, according to the latest U.S. Mortgage Market Index report.
All lenders in the U.S. market originated $1.892 trillion in residential and home equity loans in 2012 compared to $1.477 trillion the previous year. The index is produced by MortgageDaily.com and finance industry technology firm Optimal Blue, LLC, and is compiled from market surveys, earnings reports and other publicly available data.
Wells Fargo continues to dominate residential mortgage lending with a 28-percent market share. It originated $524 billion in loans last year compared to $357 billion in 2011. Bank of America cut its activity in half last year while Quicken Loans more than doubled its lending, jumping from $30 billion in 2011 to $70 billion last year. That was good enough to make the online lender the fifth-ranked mortgage company in the country.