Big banks JPMorgan Chase and Wells Fargo saw mortgage volumes decrease more than expected in the first quarter of the year despite a regulatory push to make them more active in the space.

JPMorgan Chase’s origination volume hit $13.7 billion in the first quarter, down 14% from the prior quarter and up 46% from the same period last year. Retail channels drove most of the production, accounting for 63.5% of the total. The bank’s home lending revenues reached $1.23 billion in the first quarter, up 2% year over year.

Similarly, Wells Fargo originated $6.3 billion from January to March, details ⇒

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