The quarterly volume of mortgage production, as well as the size of the residential servicing and investment portfolios, were all down at Wells Fargo & Co.
During the period that started on Jan. 1 and ended on March 31, home lending volume came to $44 billion.
The San Francisco-based financial services giant disclosed the data, along with other operational and financial results, in its first-quarter 2016 earnings report.
New business was down slightly from the final-three months of last year, when $47 billion in residential loans were closed.
Activity also descended from the first-three months of last year, when mortgage production totaled $49 billion.
The most-recent volume included $24 billion in retail originations and $19 billion in correspondent acquisitions.
Refinance share in the first-quarter 2016
was 45 percent, widening from 41 percent three months earlier.
Upcoming business might be a little better
based on loan applications, which ascended 20 percent from the fourth-quarter 2015 to $77 billion. Also pointing to increased volume was the application pipeline, which grew to $39 billion from $29 billion.
Wells Fargo reported that it serviced
$1.622 trillion in residential loans as of the end of last month.
The servicing portfolio was trimmed from $1.645 trillion at the end of last year and $1.718 trillion as of the same date last year.
The latest total included $1.280 trillion in loans serviced for others.
An additional $0.004 trillion in residential loans were sub-serviced for others.
The balance sheet included $326.058 billion in residential assets. The investment portfolio diminished from $326.873 billion at the end of last year but grew from $323.052 billion at the same point last year.
The March 31, 2016, total consisted of
$274.734 billion in first mortgages and $51.324 billion in junior liens.
The commercial real estate loan servicing portfolio closed out the latest quarter at $610 billion, up from $600 billion three months earlier and $573 billion a year earlier.
Commercial real estate loans on the balance sheet came to $147.655 billion as of the most-recent date, growing from $144.324 billion at the end of December 2015 and $131.829 billion at the end of the first-quarter 2015.
Last month’s CRE loan total consisted of $124.711 billion in commercial mortgages and $22.944 billion in real estate construction loans.
Repurchases outstanding were reduced to $355 million from $378 million as of Dec. 31, 2015, and have been slashed from $586 billion as of March 31, 2015.
Within
its mortgage banking unit, the bank reported that it earned $1.598 billion, modestly less than $1.660 billion in the fourth-quarter 2015 but slightly higher than $1.547 billion in the first-quarter 2015.
Wells Fargo reported company-wide earnings before income taxes of $8.1 billion, slightly less than $8.2 billion three months earlier and a year earlier.
There were around 268,600 “team members” working for Wells Fargo & Co. and its subsidiaries.
Staffing increased from 264,700
as of year-end 2015 and 266,000 as of March 31, 2015.
Branch count closed out the first-quarter 2016 at
8,800, a hundred more locations than at the end of 2015.
