Wells Fargo Tops Mortgage Funding

NationalMortgageNews tells MHProNews in Q4 2011 the mortgage division of Wells Fargo & Co. wrote $120 billion of new home mortgages, triple the volume of JPMorgan Chase, its nearest competitor. In the third quarter it did almost double the volume of Chase. In the fourth quarter 2011 Wells’ mortgage banking division recorded non-interest income of $2.4 billion, bettering its third quarter by $531 million. Its mortgage delinquency rate dropped to 7.96 percent by the end of 2011, down from a record high of 8.96 percent at the end of 2009. Non-performing loans fell by $879 million from the third quarter 2011 to $26 billion, which represents a decrease of $6.3 billion from the end of 2010.

(Photo credit: moneycontrol)

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