Wells Fargo continues to grow its share of the New York City mortgage market. Citing PropertyShark.com data, Crain’s reported that the bank underwrote 840 mortgages, or 18 percent of all mortgages in first five months of the year for condominiums and single-family homes in Brooklyn, Queens, Manhattan and the Bronx.
That’s up from a 14 percent share between 2008 and 2011, and 50 percent more than its closest competitor, CitiMortgage, issued during the same period. JPMorgan Chase was third with a 10 percent share of the market. Bank of America, which had held an 8 percent share of the market through the previous four years, issued just 3 percent of all home loans through May of this year.
“We are growing in New York City because the city economy is booming compared to other areas,” Wells Fargo said in a statement. The lender has formed partnerships with many of the city’s biggest residential brokerages, including Prudential Douglas Elliman, Halstead Property and Brown Harris Stevens, to increase its share, The Real Deal reported in its July issue.
But for mortgages worth more than $3 million, Bank of America was second in market share only to JPMorgan, which led the way with 17 percent of all mortgages in that segment. [Crain’s]