"The margins that we've had have been good, but I think, generally, they've been a little bit overstated in the market in terms of media reports and the like," said Sloan.

If KBW analysts are correct, that may be because HARP accounts for a relatively smaller percentage of refinancing activity at Wells Fargo than at other banks. Citigroup's report suggests investors looking to capitalize on the margins offered by HARP 2.0 shouldn't just look at the big banks, however.

"A more stealthy way is through our coverage of specialty lenders that are increasingly boosting capacity and originations," the Citigroup report states. Stocks Citigroup recommends in this context are PennyMac Mortgage Investment Trust ( PMT) and Nationstar Mortgage Holdings ( NSM). Like Bank of America, Nationstar also saw GOS margins of 6% in the first quarter. That compares to the company's historical range of 3-4%, according to Citigroup.

-- Written by Dan Freed in New York.

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Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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