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

|By:, SA News Editor

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