Wells Fargo & Co., San Francisco, has reported record net income of $2.28 billion ($0.67 per share) for the second quarter, up from $2.09 billion ($0.61 per share) a year earlier.Wells Fargo's home mortgage business recorded originations totaling $80 billion in the second quarter, up from $68 billion in the first quarter but little changed from those of a year earlier. However, origination growth and higher net gains on origination/sale activities were offset by a net loss of $225 million related to the effect of higher interest rates on the valuation of mortgage servicing rights (net of hedging costs), the company said. "As a result of our responsible lending and risk management practices, we do not face many of the issues others do in the mortgage industry," said Mark Oman, senior executive vice president in the Wells Home and Consumer Finance Group. "First, we do not retain any credit interest in any prime and nonprime securitizations. Second, we do not originate any negative-amortizing mortgages, including option adjustable-rate mortgages. Finally, we do not portfolio any nonprime no-documentation mortgages or nonprime low-documentation mortgages." The company can be found online at http://www.wellsfargo.com.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
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The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
April 24