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Several Banks Report Declining Mortgage Revenue

first_img Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Several Banks Report Declining Mortgage Revenue Subscribe  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Foreclosures Fall Below Pre-recession Levels Next: FHFA Reports Drops In Refinances About Author: Seth Welborn April 13, 2017 1,553 Views Tagged with: mortgage About Author: Aly J. Yale PNC Financial Services Group’s retail banking earnings fell over the quarter and over the year, due to lower gains on residential mortgage servicing rights and lower mortgage loan revenues overall, the bank revealed in its first quarter earnings report released on Thursday.PNC also reported lower revenue in commercial mortgage loans, which resulted in reduced Corporate and Institutional Banking earnings as well.In total, PNC’s revenue grew by $10 million, hitting $3.9 billion for the quarter. Net interest income increased 1 percent—up to $2.2 billion. Thanks to a five-year extension in conforming to the Volcker Rule and nearly $50 million in positive valuation adjustments, PNC was able to offset seasonally lower fee incomes and report only a 1 percent dip in noninterest income, which totaled $1.7 billion for the quarter.”PNC had a good start to the year,” said William S. Demchak, Chairman, President, and CEO of PNC. “We grew loans and revenue, and we managed expenses well while continuing to invest in our businesses and to enhance innovation. As we progress through 2017, we are well positioned to benefit should environmental factors, including interest rates, turn more favorable.”Wells Fargo saw drops as well, with a drop in mortgage originations, but a slight boost in revenue. The bank’s first quarter income was $5.5 billion, in line with Q1 2016.Wells Fargo’s net interest income in Q1 2017 decreased $102 million from fourth quarter 2016 to $12.3 billion, primarily due to two fewer days in the quarter. Net income was down $287 million, or 9 percent, from Q1 2016.”Wells Fargo continued to make meaningful progress in the first quarter in rebuilding trust with customers and other important stakeholders, while producing solid financial results,” said CEO Tim Sloan. “While we have more work to do, I am pleased with all we have accomplished thus far.”The story was similar at JPMorgan Chase. JPMorgan Chase posted a net income of $6.4 billion, , slightly down from Q4 2016’s 6.7 billion. JPMorgan’s mortgage department struggled as well. Mortgage banking posted a drop to $1.5 billion in income for Q1 2017 from Q4 2016’s $1.6 billion.However, JPMorgan is optimistic going into the rest of the year.“We are off to a good start for the year with all of our businesses performing well and building on their momentum from last year,” said JPMorgan Chase Chairman and CEO Jamie Dimon. “The consumer businesses continue to grow core loans at double digits, outperform the industry in deposit growth, and we once again had very strong card sales volume growth this quarter–reflecting our commitment to providing our customers the innovative products and services they want.” Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days agocenter_img in Daily Dose, Featured, Market Studies, News Related Articles mortgage 2017-04-13 Seth Welborn Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Aly J. Yale is a freelance writer and editor based in Fort Worth, Texas. She has worked for various newspapers, magazines, and publications across the nation, including The Dallas Morning News and Addison Magazine. She has also worked with both the Five Star Institute and REO Red Book, as well as various other mortgage industry clients on content strategy, blogging, marketing, and more. Seth Welborn is a contributing writer for DS News. He is a Harding University graduate with a degree in English and a minor in writing, and has studied abroad in Athens, Greece. An East Texas native, he also works part-time as a photographer. Several Banks Report Declining Mortgage Revenue Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days agolast_img read more

Highland’s Farming News – Thursday 5th November

first_img Twitter Pinterest RELATED ARTICLESMORE FROM AUTHOR Facebook Guidelines for reopening of hospitality sector published Calls for maternity restrictions to be lifted at LUH Pinterest NewsPlayback Highland’s Farming News – Thursday 5th November Almost 10,000 appointments cancelled in Saolta Hospital Group this week Google+ WhatsAppcenter_img LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton WhatsApp Nine Til Noon Show – Listen back to Wednesday’s Programme Three factors driving Donegal housing market – Robinson Twitter By admin – November 5, 2015 A 15 Minute Programme presented by Chris Ashmore every Thursday at 7.05pm highlighting all that’s happening in the farming community in association with the Farming Independent.Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2015/11/FarmingNov5th2015.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. Previous articleKenny Shiels named Derry City ManagerNext articleWarning that smoky coal ban will be enforced this winter in Letterkenny area admin Google+ Facebooklast_img read more