The big four banks combined to write $175.4 billion in new mortgages during the three months ended Sept. 30. That is 24% lower than what these lenders wrote a year earlier. BofA’s drop noted below is a big contributor to the overall drop.
Wells Fargo originated $89 billion in new mortgages, down 12% from the $101 billion last year.
JPMorgan Chase originated $36.8 billion in new residential loans, down 10% from the $40.9 billion in the third quarter of last year.
BofA came in #3, originating $33 billion mortgages in the third quarter, a 54% decline from $71.9 billion a year earlier.
And Citigroup wrote $17 billion in mortgages during the quarter, down 8.5% from the $18.6 billion.