Five of the nation's biggest banks – Bank of America, JPMorgan Chase, Citigroup, Wells Fargo, and Goldman Sachs – all reported strong first quarters in their respective earnings reports released earlier this week. In the case of Goldman Sachs, the New York-based bank reported its highest net revenue in four years, 10 point 62 billion dollars, with net earnings of 2 point 84 billion dollars largely due to strong showings in the firm's institutional client services and investment banking sectors.
Chase, also headquartered in New York, reported a net revenue of 24 point 8 billion dollars and a net income of 5 point 9 billion dollars, both increases from Q1 2014. Bank of America originated $17 billion worth of first-lien residential mortgage loans and home equity loans in Q1, which helped the bank's net income rise to 3 point 4 billion dollars for Q1. The Charlotte, North Carolina-based bank also reported a 45 percent year-over-year decline in the number of first mortgage loans serviced by its Legacy Assets unit that were 60 or more days delinquent, down to 153 thousand.
The Consumer Financial Protection Bureau earlier this week issued a final interpretive rule on how lenders are to provide mortgage applicants with a list of local homeownership counseling organizations, amending its 2013 guidelines. The update spells out how lenders are to provide mortgage applicants with homeownership lists of HUD-approved housing counseling agencies, homeownership counseling lists, the use of a consumer’s mailing address to provide the list, and high-cost mortgage counseling qualifications. Part of the last is an update of the bureau’s anti-steering measure designed to keep unwary borrowers from being directed towards predatory lenders.
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