Wells Fargo's huge increase in mortgage-banking income accounted for nearly all the gain reported by 19 publicly traded banks. Still, the second and third quarters of 2020 were incredibly lucrative for mortgage banking platforms. (Includes data chart.)
Mortgage bankers posted huge profits from their loan origination and secondary marketing activities during the second quarter of 2020. Servicing, not so much. (Includes data chart.)
Two Harbors and Front Yard recently terminated their partnerships with their respective external managers. However, Two Harbors’ refusal to pay a termination fee has landed the REIT in court.