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Real Estate

Quicken overtakes B of A as third largest lender

Remember when online mortgages were a tiny piece of the national loan picture?

Quicken Loans is growing its market share in the mortgage business, having just surpassing Bank of America as the third-largest mortgage lender in the U.S., according to rankings compiled over the last three months of 2012 from the Mortgage Daily.

Quicken Loans had 5 percent of the market share in the fourth quarter, totaling $25.1 billion in originations. Bank of America is now the fourth-largest lender, with 4 percent of the market share and $22.5 billion in mortgage originations during the fourth quarter.

Wells Fargo continues to be the leader in this space with 23 percent of the mortgage market share and $125 billion in origination volume in the fourth quarter. Chase comes in second with 10 percent of the mortgage business and $51.6 billion in volume.

For 2012, overall mortgage originations grew 30 percent, reaching $1.89 trillion.

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