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Origination News | Lender Ranking | Fundings by Lender | Statistics
Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.

Business Doubles at Wells

$100 billion first quarter production

April 9, 2009

By staff

Quarterly mortgage originations doubled at Wells Fargo & Co., while quarterly earnings were the highest ever. The company expects exceptional mortgage banking results to continue.

First-quarter mortgage fundings were $100 billion, the company said in a preliminary earnings statement today. Business was double Wells' fourth-quarter 2008 activity and higher than $66 billion a year earlier.

The last time volume was this heavy was in the third-quarter 2006 -- when reported originations reached $104 billion.

Wells generated more than 800,000 loan applications for $175 billion in the latest quarter, climbing from an already healthy $116 billion in the fourth quarter. During just March, new applications were a record $83 billion.

The unclosed application pipeline ended the first quarter at $100 billion, up from $71 billion at the end of 2008.

Wells Chief Financial Officer Howard Atkins called mortgage banking results "exceptionally strong."

First-quarter workouts were more than 150,000.

The San Francisco-based institution expects first-quarter net income of $3 billion -- a vast improvement from the fourth-quarter 2008 loss $2.5 billion and better than the $2.0 billion first-quarter 2008 profit.

The results represented "record net income."

Results at legacy Wachovia Corp. operation -- which Wells acquired on Dec. 31, 2008 -- were "strong."

Dividends to be paid on capital purchase program investments by the U.S. Department of the Treasury are estimated at $372 million.

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M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.

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