Wells Fargo Home Mortgage July Mortgage Applications Set New Record, Surpassing Previous Best Month in October 2001
DES MOINES — August 5, 2002
Low mortgage interest rates produced a record- setting $53.3 billion of new home mortgage applications in July at Wells Fargo Home Mortgage. The company said July new applications surpassed the previous highest month for applications, which was October 2001, when the company took $37.9 billion in applications.
"That's a whopping $15.4 billion higher than our previous record," said Pete Wissinger, president and chief executive officer of Wells Fargo Home Mortgage.
"Consumers know a good deal when they see it," Wissinger said, "and are seizing the opportunity to leverage today's low rates to manage their cash flow, reduce their monthly payments, consolidate other debt at a lower rate, or buy a home at an extremely attractive interest rate. Others are shortening the term of their loan so they can pay off their mortgage earlier or are borrowing to invest in improvements that will increase the value of their homes."
"All in all, homeowners are managing their homes as assets," Wissinger said, "and that's keeping mortgage demand very high."
The company funded $128 billion during the first six months of 2002. In 2001, the company funded $194 billion in mortgages.
Wells Fargo Home Mortgage, Inc., based in Des Moines, Iowa, is a subsidiary of Wells Fargo & Company (NYSE: WFC). Founded in 1852, Wells Fargo & Company is celebrating 150 years of helping our customers succeed financially. Wells Fargo Home Mortgage is the nation's leading provider of residential mortgage loans, and also is a leading mortgage servicer. With a presence in more than 1,600 mortgage and Wells Fargo bank stores serving all 50 states, Wells Fargo Home Mortgage operates the leading mortgage lending network in the country. Combined, its retail and wholesale lending operations provide funding for approximately one of every 11 homes financed annually in the United States.