Mortgage Banking Earnings Steady In 2013 Despite Shrinking Margins
April 26, 2013
Most companies reported declining earnings from their mortgage banking businesses during the first quarter of 2013, according to a new analysis by Inside Mortgage Trends. As a group, however, the 23 diverse businesses included in the round-up posted a surprising 34.2 percent increase in aggregate mortgage banking earnings compared to the fourth quarter. The aggregate mortgage banking income was $6.74 billion for the group, a $1.72 billion increase over the previous quarter. Virtually all of that increase could be attributed to one company, Bank of America, which bounced back from a $540 million net loss during the fourth quarter to a $1.26 billion profit in early 2013 a $1.80 billion turnaround. BofA took...[Includes one data chart]