“Astounding” Results from Wells Fargo Quarterly Report

We stumbled upon an excellent article by Jim Cramer on MSN Money regarding the second quarterly report that Wells Fargo recently released showing some very good signs in the mortgage industry. Check out these highlights from the article, which Cramer notes are from a “company that holds more than 30 percent of the mortgage market in the US.”

• Mortgage business revenue was up 90% from last year and 11% from prior quarter
• Revenue from refinancing was up more than 43% from prior quarter
• Commercial loan growth increased 31%
• Credit quality improved with a decline to 1.15%, the lowest since 2007
• Record net income rose by 17% with earnings per share also up 17% from prior year
• Stronger mortgage volumes than expected

As Cramer points out in the article, these “astounding” numbers from one of the largest banks for mortgages in the country indicate that the housing market is indeed getting stronger. You can read the whole article here for more of Cramer’s interpretation of the Wells Fargo reports.

By: Kelly Ann Blanchard