Truth is, those recent housing numbers aren't so shiny

Truth is, those recent housing numbers aren't so shiny

Housing starts? More like housing stops, amirite?

This man pretends to be a Realtor and no one can stop him

Canadian fines don’t seem to slow down Derek Johnson

The top 10 critical issues facing GSE reform

Urban Institute: Reform in limbo
W S
Lending

Here's the latest update on Wells Fargo mortgage originations

Will the slide increase in 2014?

Wells Fargo
/ Print / Reprints /
| Share More
/ Text Size+

Wells Fargo (WFC) reaffirmed at the Credit Suisse (CS) conference Wednesday that it expects mortgage origination volume will slide in the first quarter of 2014 compared to the fourth quarter of 2013, but the rate of decline should slow from what it has been.

During the fourth quarter, Wells Fargo’s residential mortgage originations were $50 billion, down from $80 billion in third quarter 2013. 

Chief Financial Officer Tim Sloan said, “The fourth quarter of 2013 was very strong for Wells Fargo, with record earnings, solid growth in loans, deposits and strong credit quality.

“We also grew both net interest income and noninterest income during the quarter, despite a challenging rate environment and the expected decline in mortgage originations," he said.

"Wells Fargo’s diversified model was again able to produce solid results for our shareholders,” Sloan added.

Wells Fargo’s mortgage banking noninterest income was $1.6 billion, down $38 million from third quarter 2013.

During the fourth quarter, residential mortgage originations were $50 billion, down from $80 billion in third quarter 2013 while the gain on sale margin strengthened to 1.77% in the fourth quarter, compared with 1.42 percent in the third quarter.

Wells Fargo provided $26 million for mortgage loan repurchase losses, compared with $28 million in third quarter 2013.

The company reached an agreement with Fannie Mae that resolved substantially all repurchase liabilities related to loans sold to Fannie Mae that were originated prior to January 1, 2009. Net mortgage servicing rights results were $266 million, compared with $26 million in third quarter 2013.

Recent Articles by Trey Garrison

Comments powered by Disqus