Wells Fargo & Co., the largest U.S. home lender, said competition in the mortgage market is “essential” and that its control of one in three U.S. mortgages is the result of doing a better job than rivals.
Growth in market share isn’t “magic” and is driven by clients choosing the bank over competitors because it has served them well, San Francisco-based Wells Fargo said in a memo sent last week to mortgage employees. The bank said it issued the two-page, unsigned document amid “discussion about Wells Fargo’s prominence” in the market. The document was confirmed by Tom Goyda, a bank spokesman.
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