One-third trillion dollars production
By MortgageDaily.com staff
1/28/2003

Wells Fargo & Company reported quarterly and yearly increases in mortgage loan production.

The San Francisco-based company originated $333 billion in mortgage loans during 2002, a 71% jump from the 2001 total, spokesman Jon Ferchen said.

Fourth quarter originations totaled $112 billion, up from third quarter's $89 billion.

"It was a year of outstanding, industry-leading performance for Wells Fargo, despite the uncertain economy and the global war on terrorism," CEO Dick Kovacevich said.

Well Fargo's year-to-date servicing portfolio totals $570 billion, Ferchen said.

The bank, founded by Henry Wells and William G. Fargo in 1852, celebrated its 150th anniversary last year. Near midday, its shares were trading at $46.39, down $0.36, according to CBSMarketwatch.com.

Article © MortgageDaily.com All Rights Reserved