twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from

Mortgage News Reprints
Put entire stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed stories free on your Web site or for your RSS reader.

News Archives
Archive of stories by month going back to 1999.

Press Releases
Reports and announcements from

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map
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.

Wells Lags BoA in Q3

$96 billion Q3 fundings

Oct. 21, 2009

By staff

Residential loan production tumbled by nearly a quarter at Wells Fargo & Co. -- leaving Bank of America Corp. as the biggest U.S. lender during the third quarter. But earnings reached a record for the third consecutive quarter.

Home loan originations were $96 billion in the third quarter, according to earnings data released today. Business tumbled from the second quarter's $129 billion but was still better than $51 billion a year earlier.

The level of business at Wells was lower than at Bank of America Corp. -- which reported $98.4 billion in third-quarter production.

From January through September, volume at the San Francisco-based bank was $326 billion.

Third-party originations accounted for $45 billion of the latest quarter's activity, and retail originations were $50 billion. Home-equity loans and lines-of-credit accounted for the remaining $1 billion.

Loan applications ended last month at $123 billion, dropping from $194 billion at the end of the second quarter -- though, "Lower
mortgage rates early in the fourth quarter are currently driving strong application volume, which was up 36 percent in the first 10 business days of the fourth quarter compared to the same period in the third quarter." Refinances represented 62 percent of third-quarter application volume, lower than the prior quarter's 73 percent.

The unclosed pipeline of first mortgages fell to $62 billion from $90 billion.

The mortgage unit's owned servicing portfolio was $1.679 trillion at the end of last month, higher than $1.664 trillion at the end of June and $1.419 trillion a year earlier. The Sept. 30 total included $1.419 trillion in loans serviced for other, more than $1.394 trillion on June 30.

Wells Fargo held $232.6 billion in residential loans as of Sept. 30, lower than $237.3 billion three months earlier but well above $77.9 billion 12 months earlier.

In addition, $104.5 billion in junior liens were on the books, down from the first-quarter's $107.0 billion but above $75.6 billion on Sept. 30, 2008.

Commercial mortgage assets eased to $103.4 billion from $103.7 billion on June 30, while real estate construction loans declined to $31.7 billion from $33.2 billion.

Mortgage banking income increased to $3.1 billion from $3.0 billion in the second quarter. A year ago, mortgage banking income was $0.9 billion.

"While mortgage originations and servicing revenue remained high, total mortgage banking
noninterest income represented less than 15 percent of consolidated company revenue, reflecting the breadth and depth of the company's business model," Wells stated.

Third-quarter net income was $3.2 billion from all of Wells Fargo, fractionally up from the prior quarter. Earnings were $1.6 billion a year earlier.

It was the third consecutive quarter of record earnings for Wells Fargo. The latest quarter was impacted by more in pre-tax, pre-provision profit than in net charge-offs. Wells noted that extensive and successful loan modification efforts helped push pick-a-pay portfolio losses lower than originally estimated.

"Current projections show credit losses peaking in 2010, with consumer losses potentially peaking in first half of the year and gradually declining, absent further economic deterioration," the report stated.

Wells said that last year's acquisition of Wachovia "is exceeding our expectations."

Wells Fargo profile

next story

back to current headlines

Corporate Mortgage News
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.

Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders