Wells Fargo Anticipates Drop In Mortgage Origination Business

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,…