Wells Fargo Cedes Bank Mortgage Crown to JPMorgan After Pullback

Wells Fargo & Co. ended its long reign as the largest mortgage lender among US banks, nine months after announcing plans to shrink the business.

JPMorgan Chase & Co., it biggest rival, now tops Wells Fargo in third-party servicing, origination volume and on-balance-sheet home loans, according to company filings. JPMorgan leapfrogged Wells Fargo in the latter two categories when it bought First Republic Bank in May, and the size of the two firms’ servicing portfolios crossed in the third quarter.

Wells Fargo sought the No. 1 rank for years after doubling down on the business when the 2008 financial ...