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Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.

Fundings Up at Wells, But Delinquency Deteriorates

$120 billion in Q4 production

Jan. 17, 2012

By staff

Wells Fargo & Co. saw its quarterly home-loan production jump by more than a third, while both its servicing portfolio and mortgage assets grew. But late payments on its mortgages were worse.

Residential loans originated by Wells Fargo Home Mortgage totaled $120 billion in the fourth quarter. The lender's results were included in Wells Fargo & Co.'s earnings report.

Volume leapt from $89 billion originated in the prior three months. In the same period during 2010, fundings at the financial institution were higher at $128 billion.

Correspondent and wholesale production accounted for $61 billion of fourth-quarter business, while retail made up $58 billion.

Annual originations at Wells Fargo amounted to $357 billion, dropping from the $386 billion originated during 2010.

The San Francisco-based company's unclosed pipeline of mortgages in process declined to $72 billion from $84 billion at the end of September, pointing to lower first-quarter volume. Further evidence of the current quarter's slowing can be found with fourth-quarter applications, which fell to $157 billion from the prior period's $169 billion.

Refinances represented 78 percent of applications, climbing from 74 percent in the prior report.

The servicing portfolio closed out 2011 at $1.822 trillion, growing from $1.814 trillion as of Sept. 30. Wells has pumped up its servicing portfolio from $1.809 trillion as of the end of 2010.

The Dec. 31, 2011, total included $1.456 trillion in loans serviced for others.

Wells Fargo owned $228.9 billion in residential loans, growing the portfolio from $223.8 billion three months earlier.

Delinquency including foreclosures climbed to 7.96 percent from 7.63 percent in the third quarter. But the rate retreated from 8.02 percent recorded for the year-earlier quarter.

Another $100.9 billion in home-equity loans were owned, down from the previous quarter's $103.1 billion.

HEL 60-day delinquency deteriorated to 4.73 percent from 4.69 percent in the third quarter.

Wells Fargo additionally serviced $0.518 trillion in commercial mortgages, a number that was barely changed from $0.519 trillion at the end of the prior period and $0.520 trillion in the same period during 2010.

Commercial mortgages on the balance sheet grow to $125.4 billion from the third quarter's $124.1 billion. The fourth-quarter total included $19.4 billion in construction loans.

As of the end of last month, Wells Fargo had 8,714 unresolved repurchase demands for $2.0 billion, bringing down the total from 12,648 loans for $2.948 trillion at the end of the prior year.

Repurchase losses fell to $1.2 billion in 2011 from $1.4 billion in 2010.

At $6.1 billion, Wells Fargo & Co.'s net income before taxes was a quarterly record.

There were 264,200 people employed at the financial behemoth, more than 263,800 as of the end of the September but down from 272,200 at the end of 2010.

Wells Fargo profile

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