$14.6 billion 2nd quarter originations
By MortgageDaily.com staff
8/11/2005

Wachovia Corp. pushed quarterly volume to the highest level in nearly two years.

Second quarter production of $14.6 billion, consisting of "mortgage" and "home equity" loans, grew from $12.1 billion in the previous quarter and from $13.4 billion a year earlier, according to Wachovia's supplemental financial report.

The last time volume was this high was reportedly in the third quarter 2003.

Home equity loans represented $8.5 billion of the latest fundings, up 9% from the first quarter but 3% below the second quarter a year ago, Wachovia reported.

The Charlotte, N.C.-based banker announced second quarter net income reached a record $1.65 billion as revenues rose at twice the pace of expenses. The results reportedly included the impact of acquisitions such as that of SouthTrust.

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