Wells Fargo Mortgage Buh Bye: Rocket Mortgage and UHM are #1 #2

Wells Fargo Home Mortgage is scaling back both mortgage originations and loan servicing. Wells has decided to substantially shrink their mortgage servicing and lending businesses and laying off a bunch of people. They will continue to loan to their private banking clients.

Wells Fargo was the #3 lender in 2022 with Rocket Mortgage and United Wholesale Mortgage being the top 2. Wells Fargo will likely do less loans than any of the other major banks going forward. They will also scale back loan payment processing, which they had previously been the largest servicer doing about 8% of all mortgage loans.

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