New York Community Bancorp Inc., Westbury, N.Y., reported its mortgage banking income doubled between the second and third quarters, driven by the drop in interest rates and an increase in refinance applications.
The segment provided $24.3 million in revenue to NYCB for the third quarter, up from $11.8 million. During the time frame, its rate lock volume more than doubled to $4.3 billion.
However, NYCB had mortgage banking income of $76.5 million for the third quarter 2010. This $52.2 million decline is due to a marked decrease in refi activity and new home purchase activity on a year-over-year basis.
For the third quarter NYCB reported net earnings of $119.8 million, up from $119.5 million in the second quarter but down from $135.6 million one year prior.
