Mortgage Business Expands at First Republic Bank
Single-family lending activity was stronger than a year ago at First Republic Bank. The residential servicing and asset portfolios both continued to expand.
PNC's Mortgage Income, Lending Off From Year Ago
While The PNC Financial Services Group Inc.'s mortgage earnings and originations weakened from a year earlier, third-party mortgage servicing has grown during the period.
Wells' Mortgage Income Worse, Originations to Drop
Mortgage earnings deteriorated at Wells Fargo & Co. While there was a modest quarter-over-quarter rise in home lending, current-quarter activity is likely down. Nonconforming assets grew. There was a quarter-over-quarter increase in the servicing portfolio.
BofA Mortgage Swings to Loss as Origination Drop
Bank of America Corp.'s mortgage business contracted as repurchases and mortgage-servicing rights valuations drove mortgage earnings into the red.
Small Portfolio of GSE MSRs On the Market
Investors hungry for servicing have an opportunity to buy mortgage servicing rights on nearly $200 million in government-sponsored enterprise loans with a Golden State concentration.
Citi Mortgage Earnings, Lending Down From Year Ago
While company-wide earnings improved at Citigroup Inc., mortgage earnings deteriorated from a year ago. It was a similar story for home-lending activity, as the company continued to reduce its third-party servicing portfolio.
Chase Ascends to Biggest Bank as Branches Cut
Third-party mortgage servicing has been reduced 19 quarters in a row at JPMorgan Chase & Co., which now claims to be the biggest bank in spite of cutting branch count 13 consecutive quarters. Employee count has increased each of the past seven quarters, as earnings and residential loan originations were strong.
GSE MSRs Up for Auction
Bids are being taken for mortgage-servicing rights on more than a half-billion dollars in government-sponsored enterprise residential loans.
Mortgage Delinquency Inches Up
A mild month-over-month rise in the non-current single-family rate was reported. Areas driven by oil production have seen increasing serious mortgage delinquency.
FHA 30-Day Rate Up But 90-Day Rate Lowest in Yrs
Serious mortgage delinquency at the Federal Housing Administration was the lowest it's been in years, though early stage delinquency deteriorated. Endorsements strayed little from the prior period.