Record BofA Pre-Tax Earnings as Home Lending Drops
Quarterly record pre-tax earnings were reported by Bank of America Corp. In the mortgage business, loan production tumbled on a linked-quarter and year-over-year basis.
Citi Mortgage Originations and Delinquency Up
Citigroup Inc. nudged up quarterly home lending, and firm-wide staffing grew. But the residential servicing portfolio continued its contraction, delinquency deteriorated, and mortgage earnings were weaker.
Chase's Mortgage Earnings Sink, Lending Edges Up
A modest quarter-over-quarter rise in single-family lending at JPMorgan Chase & Co. didn't translate into more profit for the segment. Mortgage holdings expanded, and delinquency improved. Community banking staffing was reduced, though firmwide headcount rose.
Wells Earnings Climb as Mortgage Originations Drop
Quarterly earnings moved solidly higher at Wells Fargo & Co., though mortgage earnings and originations were down from a year ago. The servicing portfolio and headcount continued to be reduced.
Record Non-QM Originations at Angel Oak
Growth in non-QM home lending has driven quarterly mortgage production at Angel Oak Companies to an all-time high. Staffing was up by more than a hundred people.
California Pummeled by Mortgage Layoffs
A Mortgage Daily analysis of individual states' employment data has uncovered thousands of previously unreported mortgage-related layoffs this year. California employees suffered the most, while banks took a beating.
Declining Mortgage Lates Behind Chase Layoffs
JPMorgan Chase & Co., which has recently been expanding its payroll, is eliminating hundreds of positions in its real estate finance business. Improving mortgage performance is behind the layoffs.
Mortgage Jobs Expand Despite Sharp Broker Drop
Although job growth among all U.S. industries slowed last month, prior-month data was revised up and unemployment fell to its lowest level in nearly a half-century. Despite a steep decline in mortgage brokers, non-bank mortgage jobs expanded.
This Year's Movement Mortgage Layoffs Surpass 300
A fresh round of job cuts at Movement Mortgage LLC has pushed total layoffs so far for this year past 300. The latest staff reductions are the result of lower-than-expected home lending volume.
Dozens of SoCal Mortgage Hirings In Process
A two-year-old East Coast mortgage banking firm is increasing its West Coast presence with a new location in Southern California that will be staffed by dozens of new production employees.