National City Corp., Cleveland, has announced that it will revise its third-quarter earnings from $0.90 per share to $0.86 per share to reflect a lower estimated value for mortgage servicing rights and a higher estimate of reserves for repurchased mortgages than previously reported.The company said the value of MSRs will be $21 million lower than its Sept. 30 estimate, decreasing loan servicing revenue from the previously reported $125 million to $104 million. The raising of National City's estimate of reserves for repurchased loans by $18 million will reduce loan sale revenues from the previously reported $233 million to $215 million, the company said. National City can be found online at http://www.nationalcity.com.
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