Quarterly mortgage originations tumbled on a quarter-over-quarter basis at Wells Fargo & Co. and could retreat even further. Still, mortgage income held up relatively well.
During the three months ended March 31, 2017, income before income tax expense was just over $7.6 billion, little changed from just under $7.6 billion in the prior three-month period.
The San Francisco-based bank-holding company disclosed the data, in addition to other operational and financial metrics, in its earnings report for the first-quarter 2017.
Source: Mortgage Daily