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Servicer Sees Success

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12-04-2006, 10:14 AM

Veronica Corningstone Veronica Corningstone is offline

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Servicer Sees Success

Wells Fargo's mortgage servicing fee income grew during the past year by one-fourth more than did the size of its servicing portfolio, according to its financial reports. The growth validates Ceo Richard Kovacevich's insistence last September that the financial giant would weather the housing downturn with its mortgage servicing business. "We will continue to tailor origination expense to origination volume and seek economies of scale in servicing," the company's Cfo vowed in a report.

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