| $103 Billion 1st Quarter Production at Wells
Servicing portfolio at $581 billion April 15, 2003 By MortgageDaily.com staff
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| The nation’s biggest originator of mortgage loans reported a drop in its first quarter production.
In its announcement of first quarter earnings, Wells Fargo & Company reported first quarter mortgage production of $103 billion. While fundings were down from $112 billion during the previous quarter, they were up almost fifty percent from the first quarter of 2002. “The response of American homeowners to the lowest mortgage rates in forty years generated a record $157 billion in applications for the quarter,” said Mark Oman, Group EVP, Home and Consumer Finance. “The weighted average note for the portfolio has declined 62 basis points to 6.45 percent.” Just over $50 billion was originated from Wells’ retail channel, and $46 billion was originated from the correspondent/wholesale channel. The San Francisco-based company was reported as the nation’s top originator of residential mortgage loan during the 4th quarter of 2002 by National Mortgage News. It’s mortgage lending arm, Wells Fargo Home Mortgage, says it has more than 1,600 mortgage stores and 4.4 million customers. Wells reported that its mortgage servicing portfolio reached $581 billion, up from $570 billion at the end of last year. First quarter net income for parent Wells Fargo & Company was a record $1.49 billion. |
