What Chase, Wells 2Q Earnings Say About the Mortgage Market

National Mortgage News, July 14, 2020–Brad Finkestein (subscription)
While bleak in some regards, Wells Fargo and JPMorgan Chase’s second-quarter earnings do contain some positive indicators for the mortgage lending industry. The two banks’ strong year-over-year growth in gain-on-sale margins for mortgage loans are likely indicative of second-quarter results for other lenders, said analysts at Keefe, Bruyette & Woods.