An increase in quarterly losses from mortgage servicing rights drove earnings down from the prior period. But income was better than in the same quarter last year.
Independent mortgage bankers and mortgage subsidiaries of chartered banks earned 1 basis point in total net servicing financial income during the second quarter.
Income plummeted from 10 BPS during the preceding three-month period. The decline was primarily driven by a 9-basis-point increase in losses from MSR valuations and hedging.
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From:: Financing