JPMorgan Chase released its mortgage earnings this morning (along with all that banking stuff that our readers probably don't care about) and it sure as heck looked ugly on the revenue side: Just $696 million in residential-related revenue in 1Q compared to $2.78 billion in 4Q. Yes, folks, that's not a misprint. (For all the details about its mortgage-related charges see our story on the
Lenders reported July declines of HECM endorsements and new securities issuances, but proprietary lending drove a 28% year-over-year surge in originations.
The real-estate investment trust affiliate has been focusing on making more funding available for new loans but also seeks to hold the line on credit quality.
Opponents argued that Provident Bank, which bought Lakeland in 2024, had yet to disburse millions of dollars remaining on a mortgage subsidy fund.
The competitive and controversial leader, who will stay on the board, oversaw rapid growth but also a massive downsizing, and a notorious mass firing over Zoom.
The deal bolsters Zions' ability to serve multifamily customers and creates a natural extension of its affordable housing lending program, management said.
Mortgage servicers would like to shed responsibility for second liens but they may be exchanging one set of workflows for others.
