Wells Fargo (WFC) rode the mortgage refinancing wave to record earnings in the third quarter, but investors seem more concerned with what will drive profits when the good times end.

Though Wells beat consensus earnings-per-share estimates, the nearly 3% drop in its share price Friday reflected broader investor unease about shrinking net interest margins and what will replace mortgage lending when interest rates eventually rise. Refinances, which are being driven by record-low interest rates, currently account for 75% of Wells Fargo's mortgage business.

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