embed embed share link link comment comment
Embed This Video close
Share This Video close
bookmark bookmark bookmark bookmark bookmark bookmark bookmark bookmark bookmark bookmark bookmark bookmark
embed test
Rate This Video embed
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...
Tags For This Video tags
rate rate tags tags related related lights lights

Wells Fargo Not Set to Cede Mortgage Crown to Quicken

Wells Fargo & Co. isn’t giving up its mortgage-lending crown without a fight.

The bank wants to hold on to its top spot as the whale of the $1.7 trillion industry in the U.S., even as it predicts profit margins on making home loans will shrink this year and it faces pressure from rival Quicken Loans Inc.

“We want to be No. 1 regardless of who we’re competing with, because that’s the position we hold and we’re enthusiastic about it,” Chief Financial Officer John Shrewsberry said in an interview.

Wells Fargo and other large lenders have been slowly ceding share back to non-bank firms in the mortgage business since the time of the financial crisis, when banks dominated the market. Meantime, Quicken charged past almost every U.S. mortgage provider — except Wells Fargo — by unfurling technology like its online Rocket Mortgage platform. In a December interview with Bloomberg News, Chairman Dan Gilbert said his company would soon overtake the leader.

“We’ll be the largest retail market share lender within a short period of time,” the billionaire said.