While refinancing activity is just half that of the boom years, what's left is more profitable,...

While refinancing activity is just half that of the boom years, what's left is more profitable, and Wells Fargo (NYSE:WFC) - which writes 1 in 3 U.S. mortgages - is reaping the benefits. Gains on mortgage originations were up 127% Y/Y in Q1, contributing more than half of the bank's $4.25B income. 2013 may be a different story though, as the MBA is calling for a 60% drop in refi activity.