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Wachovia Volume Rises

$15.9 billion 2nd quarter production

July 20, 2006

By MortgageDaily.com staff

 

Wachovia Corp. announced higher quarterly originations.

Second quarter residential fundings were $15.9 billion, rising $1 billion from the prior quarter, the Charlotte, N.C.-based company announced today. Business was $1.6 billion better than the same quarter during 2005.

And with a 6 percent reported increase in pending applications from Mar. 31 to June 30, Wachovia’s ongoing production is positioned to hold.

Home equity loans accounted for $8.9 billion of the latest numbers, Wachovia reported.

The consumer mortgage servicing portfolio was $44 billion at the end of the second quarter, the statement said.

Earnings at Wachovia were $1.88 billion, according to the second quarter report.

Wachovia is slated to acquire Golden West Financial.

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