The two largest U.S. home lenders are feeling the bite of competition from smaller firms as mortgage originations tumble at the fastest rate since 2011.
New loans at Wells Fargo, the biggest, fell 38 percent to $50 billion in the fourth quarter from the third quarter, the bank said Tuesday in a statement. At JPMorgan Chase originations decreased 42 percent to $23.3 billion, outpacing the 27 percent fourth-quarter drop forecast by the Mortgage Bankers Association for the industry.
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