Wells Fargo Reports Decline in 4Q Originations, Higher Income
Wells Fargo reported a 10% decline in mortgage originations in the fourth quarter but mortgage banking income was up 9% from the third quarter.
Single-family originations totaled $125 billion in the fourth quarter, compared to $139 billion in the third quarter, the nation’s largest mortgage lender reported Friday morning.
HARP refinancings comprised 12% of originations, down from 14% in the third quarter.
Wells Fargo had $81 billion in mortgage applications at yearend, down 16% from the last quarter.
Mortgage banking income total totaled $3.1 billion in the quarter, up 30% from a year ago.