Wells Fargo & Co. is pushing its mortgage unit to increase its share of the U.S. home lending market to 40 percent, according to a report.
The San Francisco-based financial services company already controls about 34 percent of the U.S. market.
Wells Fargo CEO John Stumpf has said the bank doesn’t have market-share goals, according to Bloomberg. However, at a recent rally held in San Francisco, an audience of more than 500 loan officers were encouraged to sell more under a banner that read “40% or BUST!!”
Wells Fargo’s first-quarter market share for all mortgages, including new homes and refinancing, equal to $130 billion, is the most on record and more than triple the closest competitor, JPMorgan Chase & Co. (JPM), according to Inside Mortgage Finance, a trade journal.
That’s up from 30.1 percent in the preceding three months and 13.3 percent in 2006.
Wells Fargo is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. In Texas, Wells Fargo has more than 700 locations and more than 1,000 ATMs.
