| Wells Fargo Reports Record Originations For Quarter
Record number of loans in pipeline also July 23, 2003 By MortgageDaily.com staff
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| California bank Wells Fargo reported $135 billion in mortgage originations for the second quarter, 2003, a record, the company said.
Prior quarter originations were $103 billion. Of the current $135 billion, retail loans comprised $73 billion of the total, with correspondent/wholesale loans making up $54 billion, the company said. Home equity loans and lines totaled $7 billion for the three months; and Wells Fargo Financial, the subprime lending arm, reported $1 billion in originations. “The [company’s] double-digit loan growth was generated primarily by the continued strong consumer demand for residential first mortgage and home equity loans and other revolving credit and installment loans, combined with increased cross-sell of these products to our banking households and mortgage customers,” said Howard Atkins, chief financial officer, in the earnings release. According to information in the statement, origination fees showed strong gains but were offset by impairment provisioning of $620 million. Wells Fargo reported $204 billion in residential mortgage applications for second quarter 2003, up from $157 billion in the first quarter and more than double the second quarter 2002 total of $87 billion. The numbers reflect only applications of Wells Fargo Home Mortgages. Seventy percent of the second quarter’s applications were refinances, the company said. Over the last four quarters, Wells Fargo has reported a similar share of refinances to total applications. |
