Wells Fargo Anticipates Drop In Mortgage Origination Business

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Wells Fargo & Co (NYSE:WFC) forecasts a slowdown in its mortgage origination business this quarter, with rising interest rates eating into demand for mortgage originations. Wells Fargo & Co (NYSE:WFC)’s chief financial officer Tim Sloan pointed out slowing mortgage originations since May, thanks to spikes in interest rates over summer. Wells Fargo shows lowest originations in two years Wells Fargo & Co (NYSE:WFC) is the country’s largest mortgage originator and the bank is considered a bellwether of the U.S. housing market. With the slowing mortgage origination business, the bank anticipates to clock $80 billion in mortgage originations during the third quarter,…

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Mani is a Senior Financial Consultant. He has worked in Senior Management role in large banking, financial and information technology organizations. He has provided solutions for major banking and securities firms across the globe in the area of retail, corporate and investment banking. He holds MBA (Finance) and Professional Management Accounting Qualifications. His hobbies are tracking global financial developments and watching sports