General World News

Profits up, production volume down for Wells Fargo, JP Morgan in Q1 23

Wells Fargo and JP Morgan Chase, the country’s top depository lenders, saw mortgage production volume further decline in the first three months of 2023, signaling another tough quarter for the mortgage industry.

Wells Fargo, the fourth-largest U.S. mortgage lender by volume, originated $6.6 billion in mortgages in the first quarter of 2023, which was down 55% quarter over quarter and 83% compared to $37.9 billion in Q1 2022. Refinance increased to 16% of the portfolio in Q1 2023 compared to 13% in Q4 2022 — details ⇒

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