As the first quarter closed up last month and earnings and losses were announced this month, it is nice to reflect on some positive news coming out of the banking industry. Wells Fargo Bank announced record profit while simultaneously displacing Bank of America as the nation’s largest home lender.

According to Wells Fargo their safe mortgage practices have saved the company from experiencing the same foreclosure issues and profit losses their competitors are facing. “In an interview, Chief Financial Officer Howard Atkins said the bank is still emphasizing ‘plain vanilla’ home loans, eschewing the ‘crazy stuff’ that hurt many rivals.”

Not only are these smart home lending practices amounting to profit for Wells Fargo, but they are also stimulating the economy with new jobs. Wells Fargo, who lent $101 billion in the first quarter, also added 5,000 mortgage jobs. With twice the amount lent in the fourth quarter, Wells Fargo continued strong in April, as there were $100 billion of mortgages to be closed as March ended.

Not only does this news promote smart lending habits for banks, but also broadcasts to the consumer that the credit lines are flowing. While Wells Fargo lending amounts are strong  they are not the only ones, as Bank of America came in second with home loans amounting to $89.3 billion in the first quarter. Money is being lent out, just more conservatively this go around.

Wells Fargo’s 1st Quarter earnings are a great story of sticking to the basics. In what areas are you getting back to the basics? Is it customer service? Lending practices? Marketing initiatives?  

Read more about Wells Fargo record profit on Reuters Online…