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.”
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