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As Goes California, So Goes Wells Fargo.
New York -- Wells Fargo may be the nation's second biggest mortgage lender, but about one-third of the residential home loans it holds in portfolio come from California.
In a recent 10K filing, Wells Fargo revealed that 33% of its single-family mortgage loans, totaling $44.6 billion, are backed by California homes.
The California home loans account for 14% of Wells Fargo's total loan portfolio, including non-mortgage assets. Wells noted in the filing that the loans are mostly from California's larger metropolitan areas, with mortgage loans from no single metropolitan area accounting for more than 3% of total loans on the bank's books.
Wells also revealed that residential mortgage loans with interest-only payment features accounted for 26% of its portfolio at year-end 2005. Wells noted that it does not offer payment option adjustable-rate mortgages.
Wells Fargo's commercial mortgage portfolio also was heavily concentrated in California properties. California real estate backed $15.1 billion of commercial mortgages for Wells Fargo. Texas accounted for $3.8 billion of commercial real estate loans and Arizona accounted for $2.5 billion.
Investment analysts at CreditSights said Wells Fargo reported strong financial results last year, but the company faces challenges maintaining that momentum this year.
Wells Fargo outperformed many of its peers last year by selling off lower yielding adjustable-rate mortgages and replacing them with higher yielding assets.
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