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  • Wells Fargo and BofA: Q3 2017 Results Revealed

    first_imgSubscribe Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Bank of America HOUSING mortgage Wells Fargo 2017-10-13 Nicole Casperson The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago October 13, 2017 1,700 Views Demand Propels Home Prices Upward 2 days ago Share Save Sign up for DS News Daily Home / Daily Dose / Wells Fargo and BofA: Q3 2017 Results Revealed Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected] Related Articles Previous: Ocwen Resolutions Rise to 17, Exiting Wholesale Forward Lending Next: Mortgages More Difficult to Acquirecenter_img  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago On Friday, Wells Fargo and Bank of America released Q3 2017 financial results.Wells Fargo’s revenue dropped 2 percent—to $21.9 billion—compared to third quarter 2016. The bank noted that Q3 2017 included a discrete litigation cost of $1 billion for “previously disclosed mortgage-related regulatory investigations.”Noninterest income was $9.5 billion, compared with $9.7 billion in Q2 2017, which reflected lower mortgage banking and other income, partially offset by “higher market-sensitive revenue.”Additionally, mortgage banking noninterest income declined to $1 billion, compared with $1.1 billion in Q2 2017. Residential mortgage loan originations were $59 billion, representing an increase from Q2 2017. The bank noted, “the production margin on residential held-for-sale mortgage loan originations was 1.24 percent, consistent with the second quarter.” While mortgage servicing income was $309 million in Q3, down from $400 million in Q2, primarily due to “higher unreimbursed servicing costs.”Overall net income results are down as well, with the bank’s net income for Q3 2017 at $4.6 billion, or $0.84 per diluted common share, compared with $5.6 billion, or $1.03 per share, for Q3 2016, and $5.8 billion, or $1.07 per share, for Q2 2017.According to John Shrewsberry, Chief Financial Officer of Wells Fargo, despite the decline in net income, the bank continued to see good credit performance and its liquidity and capital remained strong.“During the quarter, first under our 2017 Capital Plan, we returned $4 billion to shareholders through common stock dividends and net share repurchases, up from $3.4 billion in the second quarter,” Shrewsberry said. “We remain committed to our target of $2 billion of expense reductions by the end of 2018 which will be reinvested in the business and an additional $2 billion by the end of 2019 intended to go to the bottom line.”Chief Executive Officer Tim Sloan commented, saying that over the past year Wells Fargo has made fundamental changes to transform as part of the bank’s efforts to rebuild trust and build a better bank.“While our financial performance in the third quarter included the impact of a litigation accrual for previously disclosed, pre-crisis mortgage-related regulatory investigations, I am proud of the commitment of our 268,000 team members who put our customers first,” Sloan said.Bank of America also reported Q3 earnings on Friday. According to the results, net income increased 13 percent to $5.6 billion, and diluted earnings per share (EPS) increased 17 percent to $0.48, while year-to-date net income increased 19 percent to 15.7 billion.However, noninterest income decreased $756 million, or 7 percent, to $10.7 billion, driven primarily by lower mortgage banking income and lower sales and trading revenue, partially offset by higher asset management fees, which the bank noted is “partially offset by higher card income and service charges.”Additionally, the results found that average loans and leases grew $11.1 billion, or 8 percent, driven by mortgage and structured lending.”Our focus on responsible growth and improving the way we serve customers and clients produced another quarter of strong results,” said Bank of America CEO Brian Moynihan. “Revenue across our four lines of business grew 4 percent, even with a challenging comparable quarter for trading.”Moynihan continued to explain that the bank delivered positive operating leverage year-over-year for the eleventh consecutive quarter while continuing to invest in improved capabilities.According to Paul M. Donofrio, Chief Financial Officer at BofA, year-over-year the bank grew average deposits by $45 billion, or 4 percent, and increased average loan balances in business segments by $46 billion, or 6 percent.“It’s worth noting that we grew loans while remaining within our customer and risk frameworks, as evidenced by our low loss rates,” Donofrio said. “Our balance sheet remained strong, which enabled us to repurchase nearly $3 billion in common stock and pay $1.3 billion in common stock dividends in the quarter.”To view Wells Fargo’s full Q3 2017 results, click here.To view Bank of America’s full Q3 2017 results, click here. The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: Bank of America HOUSING mortgage Wells Fargo About Author: Nicole Casperson Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Wells Fargo and BofA: Q3 2017 Results Revealed in Daily Dose, Featured, Headlines Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

  • Do 75% of your members want to “do it themselves”?

    first_img continue reading » In the past, some credit unions avoided self-service options. Credit unions were built upon the idea of personal service — providing the highest quality of customized care for their members. However, credit unions today will benefit from self-service offerings. While many members still value personalization in their banking experience, they often prefer self-service channels over face-to-face interactions. According to a survey by Zendesk, 75% of respondents identified self-service as a convenient way to address customer service issues, and 67% prefer self-service over communication with a customer service representative. Self-service channels won’t replace your credit unions valued MSRs, but they will allow for greater efficiencies for both staff and members. Here’s how your credit union can begin to incorporate self-service channels for improved operations and happier members.IntegrationsCredit union technology used to be relatively stagnant. The core was a nightmare to update and mobile platforms clunky and difficult to use. Now technology is constantly changing and credit unions are finding themselves updating their tech solutions regularly. Much like the iPhone, software seems to have a new update every other week, and credit unions are updating mobile apps and online banking consistently. Keeping the core, mobile, and digital banking features up to date allows credit unions to integrate self-service features more easily. While some credit unions might fear self-service channels will take away responsibility from MSRs, rather, they allow for CU staff to be more targeted with their advice and solutions. 40% of members contact a call center after looking for answers via self-service platforms, and service reps will be there to answer their questions that went unsolved from searches online. ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more