Wells Shines

3rd quarter production increases to record $161 billion
By MortgageDaily.com staff
10/28/2003

Defying the competition, mortgage production kept escalating for a San Francisco-based banking behemoth.

Wells Fargo & Company recently reported that third quarter residential mortgage originations of $161 billion surpassed the prior quarter's record of $135 billion. Production almost doubled the $89 billion reported in the third quarter last year.

Of the production total, retail loans contributed $80 billion, wholesale accounted $71 billion, home equity loans and lines added $8 billion, and Wells Fargo Financial aggregated $2 billion.

The company, which claims it is the nation's top originator of home mortgages, reported an industry record year-to-date volume of $399 billion, which has exceeded the $333 billion originated in all of 2002. Volume totaled $221 billion in the first nine months last year.

Up $41 billion from the second quarter, the national lender and its subsidiaries serviced loans totaling $692 billion for the third quarter, according to the latest report. A year ago, loans serviced stood at $615 billion.

Wells said the average note rate for the portfolio declined 25 basis points in the quarter to an all-time record low of 5.98% at September's end.

The banking behemoth reported net income broke quarterly and year-to-date records. Net income totaled $1.6 billion during the third quarter and $4.6 billion year-to-date.

Special Programs