Mortgage originations are up nationwide
Some Wells Fargo Statistics – Home Mortgage Origination Business is Strong:
- Mortgage business revenue was up 90% from a year earlier and 11% from the prior quarter.
- Revenue from refinancing was up more than $19 billion, or 43%, from the first quarter, “indicating continued strength in the overall housing market, where we see increases in sales and pricing in markets throughout the country, even some of the hardest hit areas during the slowdown,” according to CEO John Stumpf.
- A 31% increase was achieved in commercial loan growth, through portfolio acquisitions and organically increased credit card penetration.
- Credit quality continued to improve, with the charge-off ratio declining to 1.15%, the lowest since 2007.
- Nonperforming assets declined by $1.8 billion from the first quarter, down 11% from a year earlier.
- Record net income rose by 17%, with earnings per share up 17% from a year earlier.
- “Mortgage volumes have been much stronger than anyone expected a year ago or even three months ago, for that matter, with originations more than double where they were a year ago, and our mortgage pipeline, which should lead to future revenue and expense growth, has also doubled,” according to CFO Timothy Sloan.
Did you know that Wells Fargo services an astounding $1.9 trillion in residential mortgages?
These Wells Fargo statistics are telling you that housing is back and that it is booming.
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