| Wells Volume Jumps
2nd quarter production $96 billion, but pipeline down July 20, 2004 By MortgageDaily.com staff
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| Wells Fargo & Company reported strong quarterly production, but mortgage originations may be weaker during the third quarter.
The San Francisco-based banking behemoth reported second quarter residential real estate originations of $96 billion, up $31 billion from the first quarter. Production was $135 billion a year ago. However, the outlook for production isn’t so strong; Wells reported that its application pipeline fell $15 billion from the end of the first quarter to $57 billion. “With higher interest rates during the quarter, application activity dropped to $100 billion,” said company executive Mark Oman in the announcement, “although purchase mortgage volume remained at or above expectations.” The servicing portfolio increased by 18% to $749 billion, according to the earnings announcement. The weighted average note rate on the portfolio declined to 5.75%. Net income was $1.71 billion, Wells reported. |
