Items Tagged with 'Net income'

ARTICLES

  • Is Bank of America taking its focus off mortgage lending?

    And who’s servicing its mortgages?
    Could Bank of America be taking a step back from its mortgage lending platform? Its new earnings report from the first quarter may hold the answer. A few years ago, the bank could easily report $1 billion per quarter in its mortgage banking income. However, in the first quarter of 2018, the income from this sector was so small that it was simply lumped into the section for all other income.
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  • Citi’s slightly higher earnings pulled down by mortgage revenue in Q1

    Causes retail banking to increase just 4%
    Citigroup reported Friday a slight increase in its earnings from last year, but this was not thanks to its mortgage banking revenues, which actually pulled earnings down slightly. While the bank doesn’t say much on its mortgage activity, Citi did report that if it excludes mortgage revenues, its retail banking revenue increase doubles.
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  • Citigroup reports net loss in Q4 due to tax reform

    Citi mortgage improvements push net credit losses down $30 million
    Citigroup reported a net loss during the fourth quarter of 2017 after taking a hit from the Tax Cuts and Jobs Act. Tax reform caused the bank to pay $19 billion related to the re-measurement of its deferred tax assets arising from a lower U.S. corporate tax rate.
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  • JPMorgan net income plummets 37% due to tax reform

    Before tax reform net income fell 1%
    JPMorgan Chase reported a decrease in its earnings in the fourth quarter of 2017 as the company experienced impacts from the recently enacted Tax Cuts and Jobs Act. The company reported a net income of $4.2 billion in the fourth quarter of 2017, down 37% from $6.73 billion in the third quarter and in the fourth quarter of 2016.
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  • Wells Fargo pays $3.25 billion in Q4 for mortgage regulatory investigations, sales practices

    Mortgage banking creates pull on bank’s income
    2017 has been quite a year for Wells Fargo, as it continued to face fallout from its massive fake accounts scandal. Now, the bank’s fourth quarter earnings show Wells Fargo paid a total of $3.25 billion in pre-tax expenses for litigation accruals on a variety of matters including mortgage-related regulatory investigations, sales practices and other consumer-related matters.
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