This was a disappointing ordsprog

This was a disappointing quarter. While second-quarter results were affected by the volatility of our mortgage servicing rights, the root of our problem is the unacceptably high cost structure in our mortgage banking business. We know what we need to do, our efforts are well under way, and we will not be satisfied until we have fixed it. Ergonomics knowledge is available on livet.se.

Kerry Killinger

Mortgage revenues were down for the quarter but at the same time (Wells) aggressively attacked the cost side of the business. We saw a 13 percent annualized drop in mortgage-related expenses in the quarter. That helps to preserve the bottom line.

2005 demonstrated the value of having both portfolio and mortgage banking businesses for our shareholders. Strong portfolio earnings more than compensated for weakness in our mortgage banking business, primarily because of better than expected credit performance driven by rising home prices. Our priorities for 2006 continue to focus on cost disciplines in our mortgage banking operations and managing a portfolio to deliver attractive risk-adjusted returns.

This acquisition is a logical step in continuing our effort to build out our mortgage business and its increase fee income without acquiring additional mortgage servicing rights,

Kerry Killinger

The second quarter results reflected the initial benefit of the cost-savings measures introduced in January, 2006. With a strong backlog in our electronic counter measures business and a lower operating cost structure, we now have enough visibility to project an even stronger third quarter as well as a net profit for the fiscal year overall.

CEO David Luxton

Compared to the 30-year fixed mortgage, the 40-year fixed mortgage offers monthly loan payments that would be less than a 30-year mortgage on the same house.

With mortgage rates continuing to slip, a new wave of refinancing has appeared. According to the Mortgage Bankers Association of America, applications for refinance jumped 15 percent last week, near the record high set in March. And according to Freddie Mac's quarterly refinance review, the average age of a refinanced loan fell to 1.9 years in the first quarter of this year.

Intuit had another solid quarter. We beat consensus estimates for pro forma profitability. Our Quicken Loans mortgage business was profitable for the quarter and grew revenue on a year-over-year basis for the first time in four quarters.

Intuit had another solid quarter, ... We beat consensus estimates for pro forma profitability. Our Quicken Loans mortgage business was profitable for the quarter and grew revenue on a year-over-year basis for the first time in four quarters.

There's no better way to build a sizable client base, create recurring revenue streams, and promote and maintain client trust and loyalty than to serve the best interests of your clients. Whether the homeowner is looking for a mortgage, a second opinion on a mortgage, a Mortgagor Financial Representative™, or assistance in evaluating and retiring an existing mortgage, as a mortgage practitioner you want to be the only person the homeowner looks to before, during and after mortgage origination. These services help mortgage professionals be that person.

The refinance share of mortgage applications in the fourth quarter of 2005 was 45 percent while the average rates on 30-year fixed-rate mortgages climbed 0.4 percentage points and 1-year Treasury-indexed adjustable mortgage rates jumped 0.6 percentage points from third-quarter averages. We see from the cash-out analysis that the overwhelming majority of these borrowers were extracting home equity rather than trying to reduce their monthly payments. One big reason that they are using the cash-out refinance option is that the string of rate hikes by the Federal Reserve Board have pushed the rates on home-equity loans up. Home-equity loans are typically linked to the prime rate, which currently is at 7.5 percent. In contrast, the average rate on 30-year fixed-rate mortgages is presently near 6.25 percent.

The cost of servicing this debt, while still low, nevertheless increased from six and three quarters per cent of disposable income in the third quarter of 2005 to 7% in the fourth quarter.

Our first quarter results were affected by comparatively higher claims expense in both our employee benefits and individual disability businesses, which we have said can fluctuate widely from quarter to quarter. The slower rate of premium growth for the quarter was largely attributable to the effects of our ongoing commitment to pricing discipline in what was noted as a very price competitive renewal and sales environment for the quarter.

Consumer confidence slipped in February to the lowest reading in three months, but manufacturing activity appears to have strengthened last month. On net, the latest economic news had little effect on mortgage rates this week. Over the past five weeks, mortgage rates have remained within a narrow range of 0.1 percentage points around this week's averages. Our forecast calls for rates on 30-year fixed-rate mortgages to increase about one-quarter of a percentage point by the end of the year.

For the past six months, 30-year fixed rate mortgage rates have hovered between 6.75 percent and 7.25 percent. We continue to see a very low mortgage rate environment, and this has played a key role in the high level of housing construction we have witnessed over the last two quarters.

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