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Wells Fargo, JPMorgan show two different paths for mortgages in Q3 2023

At two top-five depository mortgage lenders, Wells Fargo and JPMorgan Chase, the third quarter of 2023 earnings reflected different strategies in the mortgage space.

During Q3, Wells Fargo faced the consequences of exiting the correspondent lending channel in January, which resulted in reduced revenues from mortgage origination and servicing compared to the previous quarter.

Meanwhile, JPMorgan, which rescued jumbo producer First Republic Bank earlier this year, improved its earnings on both sides of the business. 

On Friday, Wells Fargo and JPMorgan opened the earnings season details ⇒

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