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Tag Archives: Wells Fargo

Chase and Wells Fargo Earnings Statements Indicate Strong Q2 Results

Both JPMorgan Chase and Wells Fargo posted strong financial results in the second quarter, with Chase experiencing a 5 percent jump in net income, according to earnings statements released by both banks on Tuesday. Chase's Q2 net income of $6.29 billion represented an increase of 5 percent from the same quarter a year ago, while the New York-based bank's period-end balance sheet was down $123 billion in the second quarter.

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First Quarter Earnings Reports Robust for Nation’s Largest Financial Firms

For San Francisco-based Wells Fargo in Q1, revenues increased by 3 percent year-over-year up to $21.3 billion. Although net income slightly declined from the same quarter a year ago from $5.9 billion to $5.8 billion, noninterest income for the bank jumped by $29 million up to $10.3 billion. The bank received higher income in Q1 from trading activities, debt security gains, mortgage origination gains, and insurance, but the higher income was offset by lower income in mortgage servicing, which was at $108 million for Q1 compared to $235 million for Q4 2014. Wells Fargo posted mortgage banking noninterest income of $1.5 billion for Q1.

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Survey Indicates Builder Confidence on the Rise

But improved builder confidence isn’t the only thing the HMI survey found. The report also shows jumps in other measurables as well. Builders’ expected buyer traffic increased four points, current sales conditions rose three points, and future sales expectations saw an increase, too, jumping from 59 to 64 points in the last month. According to NAHB Chief Economist David Crowe, these sales expectations numbers are at the highest level they’ve been all year–a good omen for the months to come.

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Chase, Wells Fargo Post Solid Q1 Revenues

Wells Fargo's noninterest income for Q1, $10.3 billion, was an increase of $29 million from the previous quarter. The bank received higher income from trading activities, debt security gains, mortgage origination gains, and insurance, which were offset by lower other income, such as from mortgage servicing (which were $108 million for Q1, compared to $235 million for the previous quarter).

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Wells Fargo Accepts FormFree Holdings’ AccountChek Asset Report

The first and only patented verification of deposits and assets (VODA) solution in the marketplace, AccountChek collects data directly from virtually any financial institution and provides lenders and investors with ATR/QM compliant electronic verifications in an easy to use format that is generated within minutes. Designed to be used in tandem with credit reports, the AccountChek Asset Report includes a borrower’s running balances, deposits and withdrawals, non-sufficient funds and large deposit notifications and many other details, giving lenders and investors a clearer picture of a borrower’s finances and simplifying the underwriting decision process.

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Wells Fargo to Cut 1,000 Servicing Jobs

Wells Fargo

Employees at the office work with U.S. residents who were behind on their home loan payments. In an emailed statement, Wells Fargo & Co. said Wednesday that as the economy has improved over the last two years, fewer customers have become delinquent on their payments, and fewer customers have needed assistance to stay in their homes. The company says it will continue to offer assistance to borrowers facing financial hardship.

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Builder Confidence Drops Slightly in March

Two of the three HMI components posted losses in March. The component gauging current sales conditions fell three points to 58 while the component measuring buyer traffic dropped two points to 37. The gauge charting sales expectations in the next six months held steady at 59.

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Wells Fargo Continues to Battle FHA Suit

Wells Fargo is alleged to have received insurance money from the U.S. Department of Housing and Urban Development even after some loans had defaulted. The bank allegedly submitted over 100,000 FHA loans said to be under HUD compliance and eligible for insurance, knowing that the loans were too risky and did not qualify.

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