Industry News

Wells Fargo net income jumps 12%

Mortgage applications in pipeline drops from end of first quarter

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Wells Fargo reported 2004 second-quarter net income of $1.71 billion, up 12 percent from $1.53 billion in the second quarter of 2003. Diluted earnings per share were $1, up 11 percent from last year's $0.90. Revenue was up 7 percent from the prior year to $7.4 billion. "Residential real estate originations for the quarter were $96 billion, up $31 billion from the first quarter," said Mark Oman, group EVP of Home and Consumer Finance. "With higher interest rates during the quarter, application activity dropped to $100 billion. Reflecting the decline in applications, the mortgage application pipeline ended the quarter at $57 billion, down $15 billion from March 31, 2004, although purchase mortgage volume remained at or above expectations." *** Send tips or a Letter to the Editor to samantha@inman.com or call (510) 658-9252, ext. 140....