Quicken Loans becomes nation’s top lender
Quicken Loans has surpassed Wells Fargo as the number one mortgage lender in the country, the company announced. In the fourth quarter of 2017, Quicken Loans garnered $25.1 billion in originations compared to Wells Fargo’s $22.9 billion, according to data from Inside Mortgage Finance. But for the entire year, Wells Fargo was still the leader, with $94.7 billion in originations compared to Quicken Loans’ $86 billion.
Still, Quicken Loans may be able to maintain a longer lead over Wells Fargo, which has been ordered by the Federal Reserve to restrict company growth until it “sufficiently improves its governance and controls” and demonstrates compliance with industry regulations.