Wells 2nd Home Servicer to Crack $1T

Wells Fargo Home Mortgage has passed the $1 trillion mark in housing receivables, joining an exclusive club that includes itself and Countrywide Home Loans.At Dec. 31, the San Francisco-based WFHM had an "owned servicing" portfolio of $989 billion and $27 billion in subservicing contracts, bringing its total to $1.016 trillion. Compared with the same period a year ago, its home mortgage receivables -- including servicing and subservicing -- increased by 22%. (It values those housing receivables at $12.5 billion.) The figures were released Jan. 17 when Wells Fargo & Co. released fourth-quarter earnings. Despite reaching the $1 trillion mark, Wells' mortgage revenue fell by 20% in the fourth quarter compared with that of the previous quarter. WFHM funded $366 billion in home mortgages in 2005, its second-best production year ever.