Wells Fargo Investment Property Loans – Wells Fargo’s group of renewable energy and environmental funds recently exceeded $10 billion in tax equity investments after paying taxes in the wind, solar and fuel cell sectors. (Photo: Wells Fargo)

SAN FRANCISCO–(BUSINESS WIRE)– Wells Fargo Energy Renewable and Environmental Finance (REEF) announced today that it has just surpassed $10 billion in after-tax equity investments in the wind, solar and solar industries. fat. Wells Fargo has invested in more than 500 projects, leading to growth in the U.S. 10 years ago. It has financed 12% of all wind and solar power in the U.S.

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Philip Hopkins, head of Wells Fargo Renewable Energy and Environmental Finance, a division of Wells Fargo Commercial Capital, said, “Wells Fargo is using its tax advantage to invest in projects that contribute to the country’s acceleration to a low carbon economy . get involved.” , “We are proud to have played a significant role in the development of this important industry, and we are proud to work closely with many of the leading sponsors and developers of wind and solar energy projects.”

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To encourage the development of renewable energy sources and accelerate the transition to a low-carbon economy, the federal government offers project developers incentives such as production tax rates, investment tax rates and reductions in quick quality. However, because many developers don’t have enough income tax, they rely on tax investors like Wells Fargo for funding.

Wells Fargo made its first tax-equity commitment to a wind project in 2006, and soon after began investing in distributed solar, which produces electricity on-site. Since then, the bank has become one of the leading tax investors in the country’s renewable energy sector, financing projects in 32 countries. Projects supported by REEF have produced enough electricity to power more than 3 million American homes in one year by 2020.

Wells Fargo committed nearly $2.4 billion to the renewable energy industry in 2020, an increase of $1 billion from 2019. Projects include the planned development of the 227-MW Muscle Shoals solar PV, which when completed it will be the largest in the state of Alabama. During construction, Muscle Shoals employs 300 people, generating an estimated $1 million in sales and tax revenue for the community. In its first 20 years of operation, the project is expected to pay more than $15 million in increased property taxes, most of which will go toward education.

Rsted acquired Muscle Shoals from Longrod Energy, who developed the project. Paul Gaynor, CEO of Longrod, said, “Longrod values ​​our relationship with Wells Fargo and looks forward to the future of the partnership as we continue the transition to clean and sustainable energy in the United States.” “Wells Fargo’s REEF team is unbiased, ethical and experienced with a long history of investing in renewable energy, and has drawn a wealth of knowledge from these experiences.”

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In 2018, Wells Fargo committed to providing $200 billion in financing to sustainable businesses and projects by 2030, earmarking $100 billion for partnerships that contribute directly to driving a low-carbon future. .

Mary Wenzel, head of Wells Fargo Sustainability and Corporate Responsibility, said: “Renewable energy is a key factor in solving climate change. “Our after-tax equity investments are critical to fulfilling our commitment to to be an industry leader by supporting new growth, working with utility and energy customers, and securing 100% renewable energy in our operations.”

Wells Fargo & Company is a leading financial services company with approximately $1.9 trillion in assets and proudly serves one in three American households and more than 10% of all companies in US central markets. We offer a variety of banking, investment and credit products. and services as well as consumer and commercial finance, through our four reported operating segments: consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management. Wells Fargo is ranked 30th in Fortune’s 2020 ranking of America’s largest corporations. In the areas we serve, the company focuses its community on building a sustainable, inclusive future by supporting housing affordability, small business development, financial health and a carbon economy. is low. Wells Fargo news, information and opinions are also available on Wells Fargo Stories.

Wells Fargo’s Renewable Energy and Environmental Funds have more than $10 billion in after-tax equity investments in the wind, solar and fossil fuel sectors. Wells Fargo saw an 8% decline in mortgage production in 2021, with the bank making 27% fewer loans to home buyers. In one year, it closed 270 branches and laid off 16,000 workers to cut costs.

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In reporting its fourth-quarter results, Wells Fargo said it originated $205 billion in home loans in 2021, refinancing more than 193,000 home loans and more than 392,000 mortgages. That’s down from $223 billion in 2020 loans, when the bank refinanced 265,000 home purchases and 370,000 mortgages.

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Mortgage lending remains the second largest generator of revenue within Wells Fargo’s consumer banking and lending division, which includes four lines of business: consumer and micro banking, mortgage lending , credit cards, car loans and personal loans.

Revenue in billions of dollars, Wells Fargo’s consumer banking segment and lending segment projected for the fourth quarter of 2021. Source: Wells Fargo Investor Presentation.

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Wells Fargo reported fourth-quarter revenue from consumer and small business banking rose 4 percent to $4.872 billion. But income from mortgages fell 8 percent to $1.843 billion from last year. Income from personal loans was also down 9 percent, but it’s a small business for Wells Fargo, which generated $129 million in fourth-quarter revenue.

The main source of growth was auto loans, with revenue up 17 percent from last year, to $470 million, while credit card fees rose 3 percent to $1.419 billion.

In addition to $8.7 billion in fourth quarter revenue generated from consumer banking and loans, Wells Fargo also deals in commercial, commercial and investment banking, and wealth management and investments.

Across all four divisions, Wells Fargo reported fourth-quarter revenue rose 13 percent to $20.9 billion, giving the bank a profit of $5.8 billion for the quarter. Wells Fargo shares were up nearly 4 percent on Friday, closing at $58.06, not far from its 52-week high of $58.87.

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Although Wells Fargo has closed branches and laid off workers to cut costs, it has become increasingly dependent on them as the mortgage industry moves from refinancing mortgages to financing home purchases.

Wells Fargo did not produce fewer loans overall in 2021, but interest rates were also lower, as competition for low-cost loans intensified toward the end of the year.

Wells Fargo CFO Mike Santomasimo said in an investor call, “Home loan volume decreased 8 percent from last year, primarily due to lower bank earnings driven by lower profit and sales fundamentals.” and the original scrolls.” ” “We started seeing a drop in the number of requests in December and before the latest backup. And we expect originations to slow in 2022, which will put pressure on margins as the industry adjusts to lower levels. ,

Wells Fargo’s loan production during the pandemic rose to $61.6 billion during the third quarter of 2020, falling below pre-pandemic levels in the last three months of 2021, with loans of $48.1 billion.

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“Our loan portfolio is down 7 percent from the third quarter, and we expect our first quarter to continue to decline due to lower refinancing activity and a decrease in common in the buying market,” said Santomasimo.

Wells Fargo’s investment proposal has revealed that it has become more dependent on its sales divisions as mortgage loans become a larger part of the mortgage market for the industry as a whole.

In the last three months of 2021, Wells Fargo retail branches accounted for 68 percent of all mortgage loans, up from 46 percent in the fourth quarter of 2019. This is despite the fact that the company closed branches 575 from 2019, which is a decrease of 11%.

In an investor announcement, Wells Fargo said this year it intends to automate operations, including “mortgage and auto loan decisions and financing, and automation of mortgage servicing and card activities, ” the focus area.

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Nonconforming mortgages, which are not eligible for purchase by Fannie Mae and Freddie Mac, are a bright spot for Wells Fargo and other banks that can offer loans against their deposits.

“We increased our non-conforming origination in the fourth quarter and grew our non-conforming portfolio for seven consecutive months, which was driven by the improvement of our capacity as well as the renewal of financing at the end of the quarter the first of 2021. : shows the introduction,” said Santomasimo.

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