When Wells Fargo reported the best quarterly earnings in its history last month, printing $3.3 billion for the third quarter of 2010, its mortgage business was one of the highlights. Volumes and margins in mortgage lending are strong. The bank had its second-highest quarterly level of mortgage applications ever at $194 billion, up 35% on the second quarter of 2010. Refinancing largely drove this, as it also did abundant applications at the other banks. A strong pipeline of originations was already bearing fruit in October and looking promising for the rest of this year and the start of the next.
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