In the midst of an ongoing political debate surrounding their future, Fannie Mae and Freddie Mac continue to see strong profits.
Read More »BofA Earnings Strong Despite Loss in Mortgage Operations
Bank of America released Wednesday its third-quarter earnings report, showing healthy growth despite an expected weakening in its mortgage banking operations. According to the earnings release, BofA took in $2.5 billion in Q3, a significant increase from the $340 million reported in the year-ago quarter. However, the bank's Consumer Real Estate Services division reported a net loss of $1.0 billion, faring even worse than last year's loss of $857 million.
Read More »Wells Fargo Reports Record Profits, JPMorgan Drowns in Legal Expenses
Wells Fargo and JPMorgan Chase both released their earnings summaries for the third quarter on Friday, revealing the full toll that legal expenses have taken on the latter's profits.
Read More »Costs Rise, Profits Fall on Mortgage Loans Originated in Q2
Profits on mortgage loan originations declined while the cost of originating a mortgage loan increased over the second quarter of this year.
Read More »Revised Q2 GDP Shows Unexpected Strength
Second quarter growth was calculated at a seasonally adjusted annual 2.5 percent rate, a sharp increase from the 1.7 percent initially reported for gross domestic product (GDP), the broadest measure of the nation's economy, a month ago.
Read More »Report: Production, Profits Up at Independent Mortgage Bankers
Production and profitability both increased among independent mortgage bankers last quarter, though commissions continue to decline, according to a quarterly trend report released by Richey May & Co. The quarterly benchmarking survey--put together using the company's Richey May Select analytical technology--shows overall production increased among independent mortgage banks by 11 percent from the first quarter to the second.
Read More »Fannie Mae Posts $10.1B Quarterly Profit
Fannie Mae's second-quarter profits nearly doubled year-over-year, the GSE reported. The company reported Thursday net income of $10.1 billion in Q2 2013 compared to $5.1 billion for Q2 2012.
Read More »Freddie Mac Reports $5B Profit in Q2
According to Freddie Mac's quarterly earnings report, Q2 2013 net income totaled $5.0 billion, up about $407 million over the first quarter.
Read More »Mortgage Banking Profits Decline at BofA Despite Rising Originations
Bank of America reported a major boost in profits for the second quarter despite a drop in mortgage banking income. According to its quarterly earnings report, BofA pulled in approximately $4.0 billion in Q2, an increase of 63 percent over the $2.5 billion recorded for Q2 2012. On the origination side, the bank funded $26.8 billion in residential home loans and home equity loans, up 7 percent over the first quarter and 41 percent over the same quarter last year.
Read More »Analysts Anticipate Drop in Mortgage Banking Profits
As major lenders start releasing their second-quarter earnings reports, Fitch Ratings anticipates future filings will show the impact of higher interest rates on banks' mortgage earnings.
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