Some of the nation's largest mortgage lenders experienced higher first-quarter earnings due to an influx of refinancings, Bloomberg reported.

In fact, some institutions are pulling in profits due to record-low interest rates and government efforts that push refinance activity.

The report goes on to say that Wells Fargo (WFC) posted $2.87 billion in mortgage banking income for the first-quarter period ending in March, the highest level reached since the last quarter of 2009.  

Still, the report suggests an upswing in refinancings propelled by government intervention is helping banks pad their earnings.

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