Bank of America Mortgage Production Plummeted From $14.5 Billion In The 2nd Quarter To $8.7 billion In 3rd Quarter Bank of America mortgage production plummeted to $8.7 billion in the 3rd quarter. However, it was not all bad news. The bank delivered increases in revenues and net income in the third quarter of 2022. This […]
JPMorgan Chase 3rd Quarter Profits Plummet 17% But They Still Beat Analysts Expectations JPMorgan Chase 3rd quarter earnings report is full of a mixed news. The bad news is that the bank’s profits plummeted by 17%. Yet, the report indicated the bank faired better than analysts expectations even as its net income fell. The JPMorgan […]
Legal Issues And falling Mortgage Originations Cause Wells Fargo 3rd Quarter Earnings Take A $2 Billion Hit Wells Fargo 3rd quarter earnings continued to take a hit from its legal problems. The slowing housing market also didn’t help. On Friday, the nation’s third-largest bank reported net income of $3.53 billion. This is 85 cents per diluted […]
Home Flippers See Homes Turn Into Money Pits As Interest Rates Skyrocket And Housing Market Plummets Home flippers have gone into panic mode. Why? They are the latest victims of rising mortgage rates. As result, they have seen their anticipated profits vanish. Home flippers were raking in the dough just months ago. However, they have […]
Summit Funding Plans On Laying Off 36 Corporate Employees In Sacramento And 36 Remote Workers On November 23rd Summit Funding plans to make a round of layoffs in late November that will affect 72 employees. The California-based company wrote in it’s WARN filing: “With the demand for mortgage services falling to its lowest level in […]
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