JPMorgan buys more mortgages from other lenders as market shrinks

NEW YORK (Reuters) - JPMorgan Chase & Co, looking to stem falling revenue in its mortgage business as fewer Americans refinance, is increasingly buying loans from smaller lenders, a practice that competitors including Bank of America view as risky. In the first half of 2015, the bank bought 62 percent of the $58 billion in home loans it added to its books, compared with 56 percent in 2014 and 37 percent in 2011. While other big banks buy mortgages from other lenders, known as correspondents,...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

from Around The Web http://ift.tt/1JSbTev
via IFTTT