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Article: Mortgages' Big Two Are Too Big to Avoid.(Mortgages)
- Article from:
- American Banker
- Article date:
- September 28, 2009
- Author:
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Byline: Kate Berryeleventh In A Series
The crisis and consolidation in banking have given Wells Fargo & Co. and Bank of America Corp. an unprecedented share of the mortgage market and new clout in their business relationships.
Correspondent lenders and mortgage brokers now must work with one or both of the Big Two to be in the business, industry executives and observers say. Combined, the two companies originated 44% of all the home loans written during the second quarter, up from 28.6% a year earlier, according to National Mortgage News.
"The funding is all coming from B of A and Wells, either directly or indirectly," said Ken Jones, the ...