Chase and Wells Fargo Mortgage Volumes Fall, Putting Nonbank Lenders in Focus

The U.S. mortgage market remains constrained by high interest rates and pressure on home affordability, leaving both banks and nonbank lenders facing volatile application volumes. JPMorgan Chase and Wells Fargo are major mortgage channels whose origination volumes provide a gauge of market demand. The impact could be more direct for listed nonbanks, which rely more heavily on fees, warehouse financing and capital markets.

First-quarter 2026 results released on April 14 showed mortgage originations of $13.7 billion at JPMorgan Chase, down 14% from the previous quarter, and $6.3 billion at Wells Fargo, down 16%. Both declines were steeper than the 6% drop forecast by the Mortgage Bankers Association. Volumes were still up 46% and 43% from a year earlier, respectively. The market will use the figures to assess listed nonbanks’ volumes, market shares and gain-on-sale margins.