A 15 percent quarter-over-quarter reduction was reported for First Republic Bank’s home-lending volume. As the servicing portfolio was reduced, residential assets expanded.
San Francisco-based First Republic revealed in its third-quarter earnings data that income before the provision for income taxes amounted to $266 billion.
Results were better than in the same three-month period last year, when it earned $242 billion. An improvement was also made from the second quarter of this year, when income was $252 billion.
Source: Mortgage Daily