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http://www.reuters.com/article/2012/...85L1BE20120622
- Wells is the Fourth largest U.S. bank
- One out of every three home loans in the United States is now funded by Wells.
- Wells Fargo keeps about 10 percent of the loans it makes, and packages the rest into securities guaranteed by government-controlled entities such as Fannie Mae and Freddie Mac, the bank has said.
- Wells Fargo plans to add 1,000 loan officers nationally and is looking to hire hundreds of processors and underwriters
http://online.wsj.com/article/SB1000...569661724.html
Banks that collect those payments, known as mortgage servicers, could get as much as $12 billion in revenue this year refinancing mortgages under the federal Home Affordable Refinance Program, or HARP, according to data compiled by Nomura Holdings Inc.
- refinancing activity: Wells Fargo, held a third of the market as of March, and J.P. Morgan, with more than 10%, according to Inside Mortgage Finance. U.S. Bancorp, Bank of America Corp. and Citigroup Inc. rounded out the top five, which together hold 58% of the market.
http://www.businesswire.com/news/hom...rly-Net-Income
- Wells is the Fourth largest U.S. bank
- One out of every three home loans in the United States is now funded by Wells.
- Wells Fargo keeps about 10 percent of the loans it makes, and packages the rest into securities guaranteed by government-controlled entities such as Fannie Mae and Freddie Mac, the bank has said.
- Wells Fargo plans to add 1,000 loan officers nationally and is looking to hire hundreds of processors and underwriters
http://online.wsj.com/article/SB1000...569661724.html
A government program that helps struggling homeowners take advantage of low interest rates to cut monthly mortgage payments is providing an 
unexpected 
revenue boost to large banks such as Wells Fargo & Co. and J.P. Morgan Chase & Co.
unexpected revenue boost to large banks such as Wells Fargo & Co. and J.P. Morgan Chase & Co. Banks that collect those payments, known as mortgage servicers, could get as much as $12 billion in revenue this year refinancing mortgages under the federal Home Affordable Refinance Program, or HARP, according to data compiled by Nomura Holdings Inc.
- refinancing activity: Wells Fargo, held a third of the market as of March, and J.P. Morgan, with more than 10%, according to Inside Mortgage Finance. U.S. Bancorp, Bank of America Corp. and Citigroup Inc. rounded out the top five, which together hold 58% of the market.
http://www.businesswire.com/news/hom...rly-Net-Income
Nonperforming Assets
Nonperforming assets declined by $1.8 billion, ending the quarter at $24.9 billion, compared with $26.6 billion in first quarter 2012. Nonaccrual loans decreased to $20.6 billion from $22.0 billion in the first quarter, with declines in both commercial and consumer categories. Foreclosed assets were down to $4.3 billion from $4.6 billion in first quarter 2012.
Loans 90 Days or More Past Due and Still Accruing
Loans 90 days or more past due and still accruing (excluding government insured/guaranteed) totaled $1.4 billion at June 30, 2012, compared with $1.6 billion at March 31, 2012. Loans 90 days or more past due and still accruing with repayments insured by the Federal Housing Administration (FHA) or predominantly guaranteed by the Department of Veterans Affairs (VA) for mortgages and the U.S. Department of Education for student loans under the Federal Family Education Loan Program were $21.5 billion at June 30, 2012, up from $20.9 billion at March 31, 2012, due to growth in the FHA/VA portfolio over the past two years and the subsequent seasoning of those loans.
Allowance for Credit Losses
The allowance for credit losses, including the allowance for unfunded commitments, totaled $18.6 billion at June 30, 2012, down from $19.1 billion at March 31, 2012. The allowance coverage to total loans was 2.41 percent, compared with 2.50 percent in first quarter 2012. The allowance covered 2.11 times annualized second quarter net charge-offs, compared with 1.99 times in the prior quarter. The allowance coverage to nonaccrual loans was 91 percent at June 30, 2012, compared with 87 percent at March 31, 2012. “We believe the allowance was appropriate for losses inherent in the loan portfolio at June 30, 2012,” said Loughlin.
Nonperforming assets declined by $1.8 billion, ending the quarter at $24.9 billion, compared with $26.6 billion in first quarter 2012. Nonaccrual loans decreased to $20.6 billion from $22.0 billion in the first quarter, with declines in both commercial and consumer categories. Foreclosed assets were down to $4.3 billion from $4.6 billion in first quarter 2012.
Loans 90 Days or More Past Due and Still Accruing
Loans 90 days or more past due and still accruing (excluding government insured/guaranteed) totaled $1.4 billion at June 30, 2012, compared with $1.6 billion at March 31, 2012. Loans 90 days or more past due and still accruing with repayments insured by the Federal Housing Administration (FHA) or predominantly guaranteed by the Department of Veterans Affairs (VA) for mortgages and the U.S. Department of Education for student loans under the Federal Family Education Loan Program were $21.5 billion at June 30, 2012, up from $20.9 billion at March 31, 2012, due to growth in the FHA/VA portfolio over the past two years and the subsequent seasoning of those loans.
Allowance for Credit Losses
The allowance for credit losses, including the allowance for unfunded commitments, totaled $18.6 billion at June 30, 2012, down from $19.1 billion at March 31, 2012. The allowance coverage to total loans was 2.41 percent, compared with 2.50 percent in first quarter 2012. The allowance covered 2.11 times annualized second quarter net charge-offs, compared with 1.99 times in the prior quarter. The allowance coverage to nonaccrual loans was 91 percent at June 30, 2012, compared with 87 percent at March 31, 2012. “We believe the allowance was appropriate for losses inherent in the loan portfolio at June 30, 2012,” said Loughlin.
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