Quarterly company earnings fell from a year earlier at Wells Fargo & Co., as did mortgage earnings. As home lending volume sank, the mortgage servicing portfolio was reduced.

During the first-three months of this year, the San Francisco-based bank-holding company earned $7.5 billion before income-tax expense, according to its first-quarter earnings report.

Income came up short versus the upwardly revised $7.9 billion earned in the same-three months last year. But earnings soared from $4.6 billion the previous three months.

Source: Mortgage Daily