Norwest Corp.'s mortgage unit last week reported a 53.5% jump in first- quarter earnings to $51.9 million, the sharp rise fueled by a surge in refinancings.

The quarterly profit nearly matched the company's $56.3 million profit for all of 1993, during a refinancing boom, when refinancings accounted for more than half of total fundings.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.