Wells' Residential Fundings
Clipped in 1Q, Bank Reveals
Mortgage Related Layoffs of 4,500
Wednesday, April 20, 2011
Moreover, its application pipeline, at quarter's end, fell by even more: 38% to $45 billion.
Wells' closest competitor in home lending, Bank of America, experienced a 33% drop in loan production during the quarter.
In its earnings supplement, released early Wednesday morning, the bank also revealed that during the quarter its trimmed its mortgage retail fulfillment staff by 4,500 full-time equivalents or FTEs.
Its residential servicing portfolio totaled $1.8 trillion at the end of March, just about flat compared to both year end and 1Q 2010.
Although Wells' MSRs remained just about unchanged, the bank reported that it marked up the value of its residential servicing asset to $15.64 billion at March 31 — an 8% jump from year end.
Wells Fargo Home Mortgage said [yeah, right] its delinquencies and foreclosures continued to fall and are lower than its peers. [And their documents are perfect, and they've never foreclosed in error, we know. We know.] At March 31 its home late payments totaled 8.02% compared to 14.3% for Bank of America.
[Wells, do you actually believe we believe anything you say anymore? HA!]
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