Wells Fargo In the third quarter, $51.9 billion in mortgages originated, a slight decrease from $53.2 billion in the previous quarter.

The custodian’s retail business made up the bulk of its original volume from July to September, totaling $32.5 billion, while its corresponding channel produced $16.7 billion in mortgages.

Despite previous reports in the mortgage industry that refis were declining, Wells Fargo’s third quarter results showed that 55% of their origination business was refi business, unchanged from the previous quarter.

In addition, Wells Fargo reported $2.01 billion in home loan revenue, down slightly from $2.07 billion in the previous year. second quarter, but a 20% year-on-year decline.

The custodian noted in its earnings report that the decline in home loan revenues was the result of “lower mortgage banking revenues and lower net interest income, mainly driven by lower loan balances.”

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