Mortgage earnings deteriorated at Wells Fargo & Co. While there was a modest quarter-over-quarter rise in home lending, current-quarter activity is likely down. Nonconforming assets grew.
Prior to income-tax expense, the San Francisco-based bank-holding company earned $6.9 billion during the three months that finished on Sept. 30 according to its third-quarter 2017 earnings report.
In addition to deteriorating from the $8.3 billion that was earned a year earlier, income was down compared to $8.1 billion during the prior three-month period.
Source: Mortgage Daily