Investor Updates/News; OCC’s Risk List; Training and Events

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Investor Updates/News; OCC’s Risk List; Training and Events

Posted to: Pipeline Press
Monday, July 17, 2017 8:14 AM

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There’s plenty of talk about real estate agents, appraisers, and loan officers being replaced by artificial intelligence or robots. In legal news, JPMorgan unleashed artificial intelligence to automate its legal work and saveover 360,000 hours of work each year by lawyers and loan officers. Given personnel costs, that’s a lot of doubloons. More bank news below.

Bank news

Several banks reported 2nd quarter earnings on Friday with results that generally topped analyst’s expectations. But residential mortgage banking was poor. At JPMorgan Chase mortgage revenues fell 26% compared to a year ago, fell 52% at Citigroup Inc., and was down 19% at Wells Fargo to $1.15 billion. The results reflect what most lenders already know: even though home purchase activity has increased throughout 2017, refinancings are down since after several years of great rates, nearly every homeowner who could refinance already has. And banks have shifted assets to more profitable business channels.

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