Why mortgage lending at Wells Fargo, Chase and Citi plunged [MarketWatch]
Wells Fargo & Company (WFC)
Last wells fargo & company earnings: 4/14 07:46 am
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Source: MarketWatch
Why mortgage lending at Wells Fargo, Chase and Citi plunged How low can they go? With earnings from three of the four biggest banks in, one metric stands in sharp relief. Mortgage lending just keeps plunging. In the fourth quarter, mortgage originations at Citi C, +1.04% were down 23% compared to a year ago. At Wells Fargo WFC, +1.58% , they were 28% lower, and at JPMorgan Chase JPM, +1.62% , they were down 30%. What’s going on? Here’s how JPMorgan CFO Marianne Lake described it in her prepared remarks to analysts Wednesday: “Home Lending revenue was down 8%, driven by lower net production revenue in a low volume highly competitive environment.” In other words, fewer people want to take out mortgages from us, and those who do aren’t as profitable for us. Banks spent the early years of the post-financial crisis recovery fleeing the mortgage market . But more recently, it’s felt a little like the mortgage market is fleeing from banks. Mortgage lending is down, mostly because th
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- Cash App's Savings Product Takes on Traditional Banks [Forbes]Forbes
- Wells Fargo Expands Down Payment Grant Program to Help Bridge Homeownership Gap [Yahoo! Finance]Yahoo! Finance
- Wells Fargo Expands Down Payment Grant Program to Help Bridge Homeownership GapBusiness Wire
- US Demand Is Still Resilient, Even If GDP Doesn't Show It [Yahoo! Finance]Yahoo! Finance
- US Demand Is Still Resilient, Even If GDP Doesn't Show It [Financial Post (Toronto, Ontario, Canada)]Financial Post
WFC
Earnings
- 4/12/24 - Beat
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Sec Filings
- 4/26/24 - Form 424B2
- 4/26/24 - Form 424B2
- 4/26/24 - Form 424B2
- WFC's page on the SEC website