Wells' 2Q Fundings Just Shy of Countrywide's

The mortgage affiliates of Wells Fargo Bank funded $116 billion in residential loans during the second quarter, a hair shy of matching the industry leader, Countrywide Home Loans, Calabasas, Calif.In total, Wells Fargo Home Mortgage, San Francisco, saw its production increase by 36% from that of the same quarter last year. Compared with that of the first quarter, production rose 27%. Countrywide, which has been the No. 1-ranked funder since 2004, originated $117 billion in the second quarter, a 3% decline from the level recorded a year earlier. Mark Oman, executive vice president of home and consumer finance for Wells, said the bank-owned lender "took advantage of market opportunities in the correspondent channel" during the quarter. At the end of June, WFHM serviced $1.11 trillion in residential loans, compared with $1.20 trillion for Countrywide.