While JPM was quick to highlight all the favorable data in its oddly shrinking earnings presentation supplement, one thing that continued to be conspicuously missing was the bank's slide on "Mortgage Banking And Card Services" which year after year, quarter after quarter was traditionally part of the bank's earnings presentation - it was certainly featured prominently one year ago... https://www.zerohedge.com/news/2018...m-credit-card-charge-offs-surge-six-year-high
Wells Just Reported The Worst Mortgage Number Since The Financial Crisis https://www.zerohedge.com/news/2018-04-13/wells-just-reported-worst-mortgage-number-financial-crisis
The brick and mortars are getting killed in the mortgage arena by the fin-tech companies offering lower rates. Add that to declining mortgage apps and car sales and brick and mortar banks aren’t doing business anymore. I was reading about how soft bank is looking to invest hug sums of money in fin-tech start ups as consumers are becoming more comfortable applying for loans off internet sites like lending tree. The big banks don’t look good going forward, imo.
No. Chase does very little "last mile" mort-lending. I mean, sure they do, but they are an MBS shop. They buy more loans than they originate. Just saying that QuickenLoans is not the problem.