Volume 18 - Number 8
April 18, 2014
Big Banks Report Huge Decline in Mortgage Banking Income in 1Q14
Mortgage-banking income at nine major banks declined by 27.7 percent in the first quarter of 2014 compared with the previous quarter, according to an analysis by Inside Mortgage Trends. The declines were driven by a lack of refinance volume, changes in valuations on mortgage servicing rights and litigation costs. “Despite a relatively favorable interest-rate environment, the market got off to a slow start in 2014,” said Marianne Lake, CFO at JPMorgan Chase, during the bank’s ...
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