[ by Howard Haykin ] Wells Fargo recorded its 10th consecutive quarter to experience earnings growth - as the bank has taken advantage of a booming business in originating and refinancing mortgages.  Q2 profits were reported at $4.6 billion, a record figure that was 17% higher than the $3.9 billion earned 1 year ago.  For Q2 0f 2012, those earnings translated to 82¢ a share, slightly better than the 81¢ analysts had expected. Largest American Bank. Wells, with a relatively small presence on Wall Street, has largely skirted the controversies that have engulfed many of its large competitors and helped it pass JPMorgan Chase to become the largest American bank by stock market capitalization.  The bank has relied largely on its consumer banking business, and particularly its mortgage lending division, which has benefited from record-low interest rates. The bank originated $131 billion of mortgages in Q2, up from $129 billion in Q1 of 2012.  Meanwhile, the improving credit quality of the bank's customers allowed the banks to set aside less money for loan losses.  Revenues for the entire company were up to $21.3 billion, ahead of $20.4 billion from a year ago. Profits were up at each of the bank's three business divisions: wholesale banking, community banking and wealth management. Wells Fargo Chairman and CEO John Stumpf said: "the economic recovery remains uneven," but the bank benefited from signs of stabilization in the housing market. He also attributed Q2's record result to "record quarterly mortgage applications, increases in lending to consumers and businesses, and continued growth in deposits and cross-sell."  [Dealbook, 7/13/12]