Wells Fargo with Increase in Mortgage Originations in the Third Quarter

Wells Fargo

The largest mortgage lender in the United States, Wells Fargo, reported an increase of $1 billion in its mortgage originations in the third quarter of 2014 compared to the second quarter. In the third quarter, mortgage originations were $48 billion compared to $47 billion in quarter two. Despite the increase on a quarter-over-quarter basis, the new home loans originated by the lender were 40% below their level in the third quarter of 2013. The residential mortgage servicing portfolio of the bank was $1.8 trillion in the third quarter.

The predictions for the fourth quarter of this year made by the Chief Financial Officer of Wells Fargo, John Shrewsberry, are for a decrease in the mortgage volume from its third quarter level of $48 billion. In the fourth quarter of 2013, the bank’s mortgage origination volume was $50 billion.

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The lender reported a 2% increase in the income from mortgage banking in the third quarter of this year compared to the third quarter of last year. It went up to $1.63 from $1.61. According to the report, the increase in the mortgage income came from the sale of home loans to investors during the third quarter.

In the third quarter, Wells Fargo, received mortgage applications for $64 million down from $72 million in the second quarter of this year. It had an application pipeline of $25 million at the end of the third quarter. It declined from its level of $30 million at the end of the second quarter.

The total profit of Wells Fargo in the third quarter of this year was $5.7 billion. It went up by 1.7% compared to the third quarter of 2013. The bank delivered earnings of $1.02 per share in the third quarter compared to $0.99 per share during the same period of 2013. Its portfolio was $838.9 billion. It grew by 3.7% from its level in the third quarter of last year.

Christian

Christian

Christian Calvin mortgage Christian is a contributing writer for Mortgage.info. He is a graduate from the University of Tennessee with a degree in Communications and a concentration in Broadcasting. Christian has served as vice-president for a privately-held company for more than 20 years. Additionally, he has also applied his writing and business knowledge to various websites with a focus on business and sports news . . . both of which are passions. Christian enjoys playing golf and spending time with his family and friends.

Contact: christian@mortgage.info
Christian

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