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How the banks doing for the 1st Quater?
April 14th, 2020 10:53 AM

Wells Fargo, the largest lender and servicer in the nation, originated $48.0 billion of home mortgages in the first quarter, a sequential decline of 20.0%, according to results released before the opening bell Tuesday.

On the servicing front the news was grim. Wells revealed that its massive residential servicing portfolio declined in value by 29.4% from the prior period: $8.13 billion at March 31 compared to $11.52 billion at yearend.

 

In its first quarter earnings statement, Wells noted that to date, it has deferred payments for 1.3 million consumer and small business customers, a universe that includes residential mortgagors.

Meanwhile, JPMorgan Chase, one of Wells’ closest competitors, reported $28.1 billion in new originations during the quarter, a sequential drop of 15.6%. Its retail/correspondent balance was almost equal at $14.1 billion to $14.0 billion, respectively.


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Posted by Eric Fang on April 14th, 2020 10:53 AMPost a Comment

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