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Mortgage volumes collapse for Wells Fargo, JPMorgan in Q4 2022

Like its nonbank competitors, Wells Fargo, JPMorgan Chase and Bank of America operated in a highly challenging mortgage market in 2022. But quarterly earnings released on Friday also revealed that the top depository lenders struggled more than the overall mortgage market in the final three months of the year, perhaps an omen of what’s to come.

“The fourth quarter results were weaker than we expected,” a team of mortgage lending analysts at Keefe, Bruyette & Woods wrote in a report.

“Volumes came in much lighter than industry expectations and margins were also below what we were expecting; we had thought details ⇒

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