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Wells Fargo shows no sign of slowing down its mortgage lending.
The risk of rising interest rates continue to loom over what has been a successful first quarter.
Well’s mortgage income grew 42% from the previous year to $2.9 billion in its Q1 earnings report, especially with a growing share of businesses from correspondent lender.
“If you are a community bank and depend on Wells Fargo as a correspondent bank, you are unfortunately at their control,” said Ron Haynie, executive vice president at the Independent Community Bankers of America.
With a third of all U.S. home loans already funded by Wells, president Mike Heid said that “there’s no ceiling” to its home lending.
Confident in its history of traditional banking, dodging of riskier mortgages and underwriting protocols, Wells continues to invest in mortgages while its competitors retract.
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