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Mortgage Profit Slide Hurts JPM, Wells' Earnings
Tuesday, July 14, 2015
A decline in mortgage refinancing was
blamed in part for the second consecutive decline in quarterly profits posted
by Wells Fargo & Co. The biggest
U.S. home lender reported second quarter net income of $5.72 billion compared
to $5.73 billion in the second quarter of 2014.
Per share profit increased from $1.01 to $1.03 due to changes in the
number of outstanding shares.
JP Morgan Chase, on the other hand, reported an increase of 5.2 percent in
its net income which was 6.3 billion in the second quarter compared to 6.0
billion a year earlier. The net income from
its mortgage banking business, $584 million, represented a decrease of 20
percent. Mortgage revenue dropped 21
percent to $1.8 billion in the quarter due to lower servicing revenue.
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