Despite a surge in refinance share, quarterly and annual mortgage originations at Wells Fargo & Co. were lower, and a further decline is likely. Earnings also deteriorated.

In its fourth-quarter earnings report Friday, the San Francisco-based financial institution disclosed $4.6 billion in income before income tax expense.

Earnings were reduced from $6.8 billion in the preceding quarter and were also worse than $7.6 billion in the final quarter of the preceding year.

Source: Mortgage Daily