Mortgage lending will likely continue to decline as an increase in mortgages for home purchase fails to offset a slowdown in refinancings, Wells Fargo & Co. Chief Financial Officer Tim Sloan said yesterday.

According to Reuters, Sloan reiterated that the bank still has a "good opportunity" to refinance eligible homeowners in its $1.9 trillion mortgage servicing portfolio. Wells Fargo is the largest U.S. mortgage lender.