$15.2 billion 4th quarter production
By MortgageDaily.com staff
1/19/2006

While quarterly fundings fell for Wachovia Corp., annual mortgage closings climbed.

Fourth quarter loan production of $15.2 billion came in $1.3 billion below the previous quarter but $4.5 billion above the total in the same period 2004, according to Wachovia's latest supplemental earnings statement.

Home equity loans represented nearly $8.9 billion of the fourth quarter's numbers, the Charlotte, N.C.-based lender said.

Full-year 2005 mortgage volume was reported at $58.2 billion, or $12.8 billion better than the level achieved in the year prior.

Wachovia said it serviced $38.7 billion in residential loans at year-end 2005, almost double the $20.0 billion at year-end 2004.

Net income jumped 5% from the third quarter to $1.7 billion during the latest period, Wachovia said in the earnings announcement, adding it was proud of a "fourth consecutive year of double-digit earnings increases despite rising funding costs and related industrywide pressure on margins."

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