Exhibit (12)

Wells Fargo Real Estate Investment Corporation
Computation of Ratio of Earnings to Fixed Charges and Preferred Dividends
	Year ended December 31,
(in thousands)	2016		2015		2014	2013	2012
Excluding interest on deposits (1)
Income before income taxes	$	783,815	645,978		637,964	257,430	143,092
Fixed charges, excluding preferred dividends and capitalized interest	2,734		1,231		1,397	1,210	26
Earnings	$	786,549	647,209		639,361	258,640	143,118
Interest expense	$	2,734	$	1,231	1,397	1,210	26
Estimated interest component of net rental expense	—		—		—	—	—
Preferred dividends	17,588		17,588		1,079	57	57
Capitalized interest	—		—		—	—	—
Fixed charges and preferred dividends	$	20,322	18,819		2,476	1,267	83
Ratio of earnings to fixed charges and preferred dividends (2)	38.70		34.39		258.22	204.14	1,724.31

(1) As defined in Item 503(d) of Regulation S-K.

(2) These computations are included herein in compliance with Securities and Exchange Commission regulations. However, management believes that fixed charge ratios are not meaningful measures for the business of Wells Fargo Real Estate Investment Corporation. For example, even if there was no change in net income, the ratios would decline if interest income and interest expense increase by the same amount due to an increase in the level of interest rates or, conversely, they would increase if interest income and interest expense decrease by the same amount due to a decrease in the level of interest rates.