Last year, Wells Fargo (WFC) originated and serviced the most residential mortgages in the United States of America.
The big bank has dominated the residential space for years now. But how long can the dominance last?
Well, at least another year, to be sure.
According to a presentation by John Shrewsberry, Senior EVP and CFO of Wells at the Barclays Global Financial Services Conference this morning, net income is continuing to grow.
For the first half of 2014, it nearly surpassed the full year of 2009 and 2010 net income. It looks like it may come in a little above 2013 levels, according to the presentation here (click chart to enlarge).
But how does that relate to its dominance in the mortgage finance space? Shrewsberry said the third quarter is expected to do just fine as well.
Well, look at this chart exhibiting loan growth among the various assets classes (click chart to enlarge).
Notice what’s missing? Single-family residential mortgages.
Wells Fargo may be looking at another banner year, but its grip on residential mortgages may be slipping.