Wells Fargo reports lower origination volume in Q2

Wells Fargo reports lower origination volume in Q2

Wells Fargo originated $51.9 billion worth of mortgages in the third quarter, down slightly from $53.2 billion in the previous quarter.

The depository’s retail business made up most of its origination volume from July to September, coming in at $32.5 billion, while the correspondent channel produced $16.7 billion worth of mortgages.

Despite earlier reports in the mortgage industry that refis were waning, Wells Fargo’s third quarter results revealed that 55% of their origination business was refi business, remaining unchanged from the previous quarter.

Furthermore, Wells Fargo reported revenue of $2.01 billion from home lending, down slightly from $2.07 billion in the second quarter, but down 20% year-over-year.

The depository noted in their earnings report that the decrease in revenue for home lending was a result of “lower mortgage banking income and lower net interest income primary driven by lower loan balances.”

This content is exclusively for HW+ members.
Start an HW+ Membership now for less than $1 a day.
Your HW+ Membership includes:
Unlimited access to HW+ articles and analysis
Exclusive access to the HW+ Slack community and virtual events
HousingWire Magazine delivered to your home or office
Become a member today
Already a member? log in

The post Wells Fargo reports lower origination volume in Q2 appeared first on HousingWire.
Source: https://www.housingwire.com/rss