General World News

Wells Fargo reports lower GOS and origination volume in Q4

Wells Fargo originated $48.1 billion worth of mortgages in the fourth quarter, down from $51.9 billion in the previous quarter.

The bank’s mortgage lending gain on sale margin — the earnings stemming from its originations — tumbled from 204.5 basis points in the third quarter of 2021 to 162.16 basis points in the fourth quarter. A year ago this time, Wells Fargo’s gain on sale margin was 215.96.

In the fourth quarter, the depository’s retail business originated $32.8 billion in mortgages, a decrease from its $35.2 billion in retail originations in the third quarter. The bank’s correspondent leg also originated less than details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com