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Noninterest mortgage income at US banks up in Q1'18

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Noninterest mortgage income at US banks up in Q1'18

Noninterest mortgage income soared in the first quarter at U.S. banks and thrifts, even as mortgage servicing assets grew only modestly.

U.S. banks and thrifts reported $4.31 billion in noninterest income from the sale, servicing and securitizing of one- to four-family mortgages in the first quarter. This was higher than the $3.12 billion posted in the fourth quarter of 2017 and the $3.50 billion in the year-ago quarter.

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Mortgage servicing assets in the banks and thrifts industry reached $43.05 billion as of March 31, up from $40.52 billion at end-2017 and $40.16 billion at March 31, 2017.

Wells Fargo & Co.'s mortgage servicing assets grew 9.3% quarter over quarter to $16.45 billion, the largest among U.S. banks. This figure was higher than the combined mortgage servicing assets of the succeeding six banks on the list.

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