The latest economic and policy trends facing mortgage servicers

Join this webinar for an in-depth roundtable discussion on economic and policy trends impacting servicers as well as a look ahead at strategies servicers should employ in the next year.

2021 RealTrends Brokerage Compensation Report

For the study, RealTrends surveyed all the firms on the 2021 RealTrends 500 and Nation’s Best rankings, asking for annual compensation data for the 2020 calendar year.

Zillow analyst on whether home prices can keep climbing

Today’s episode of HousingWire Daily features an interview with Nicole Bachaud, as she discusses annual and monthly home price appreciation growth, rising inventory levels and rent prices.

Lenders, it’s time to consider offering non-QM products

The non-QM market is making a comeback following a pause in 2020. As lenders rush to implement, Angel Oak is helping them adopt these new lending products.

InvestmentsMortgage

Bank of America earnings boosted by increase in mortgage banking

Improves mortgage servicing and lending

Bank of America net income came in at $5 billion, or $0.41 per diluted common share in the third quarter.

This is an increase from the second quarter’s $0.36 per share and better than the Capital IQ consensus estimate of $0.34 per share.

The bank’s revenue increased 3.1% from last year to $21.6 billion, slightly above Capital IQ’s $21.04 billion.

Net interest income also increased by 3% to $10.2 billion, up from $9.9 billion last year.

Total noninterest expenses decreased 3% from last year to $13.5 billion, driven in part by improvements in mortgage servicing costs.

Total mortgage production is up from last year by $3.6 billion to $20.4 billion. In fact, mortgage banking income increased to $297 million, up from $267 million last quarter and $290 million last year.

However, other media reports put the earnings surge down to rising income from fixed securities trading, primarily in the bond market.

Earlier this year, the bank failed its annual stress test.

How does this compare to other bank’s earnings so far this quarter? Here are the reports from Wells Fargo and JPMorgan Chase, which also beat expectations this quarter, and from Citigroup, which fell short.

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