The next wave of servicing regulation is coming – Are you ready?

Join this webinar to learn what servicers need to know about recent and upcoming servicing compliance regulations and strategies experts are implementing to prepare for servicing regulatory audits.

In a purchase market, rookie LOs may struggle

Rookie LOs in 2020 could ride the refi wave and rack up a hefty monthly paycheck without Herculean effort. But these days, they'll have to sing for their supper.

Logan Mohtashami on trends in forbearance exits

In this episode of HousingWire Daily, Logan Mohtashami discusses several hot topics in the housing market, including recent trends in forbearance exits and future homebuyer demand in the midst of inventory shortages.

Natural disasters and forbearance: What borrowers and mortgage servicers need to know

With a rise in natural disasters, including wildfires, hurricanes, floods, tornadoes and mudslides. The mortgage industry needs to be proactive in examining programs to help borrowers recover.

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.

Most Popular Articles

These are the hottest housing markets in America

A housing market report from RE/MAX found that 36 of 51 metro areas had double-digit year over year sale price increases in August. Boise led the way.

Sep 17, 2021 By

Latest Articles

Forbearance numbers fall as borrower exits remain high

Servicers’ forbearance portfolio volume fell once again last week, as exits remained elevated compared to requests or re-entries. It fell 8 bps to 3.00%.

Sep 20, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please