Company-wide earnings deteriorated at Wells Fargo & Co. But it boosted quarterly home lending volume, and the current quarter is poised for further escalation. Correspondent share tumbled.

From April 1 through June 30, income before income-tax expense came to $7.1 billion, the San Francisco-based bank-holding company revealed in its second-quarter earnings report.

Wells Fargo’s income descended from the same three-month period last year, when it earned $8.1 billion. But results were better than the previous three-month period, when income was $6.7 billion.

Source: Mortgage Daily