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Bank of America's production mix shifts more toward home equity

Despite the decline in home lending, Bank of America produced a record $7.3 billion in net income from the quarter. The gain stemmed largely from tax reform, and growth in other forms of consumer banking.

Bank of America's drop in mortgage originations mirrors an industrywide trend.

Bank and nonbank lenders combined are expected to record a 16% year-over-year decline in home lending for 4Q18 when all the numbers are in, according to a recent Keefe, Bruyette & Woods report. Refinance volumes are expected to fall by 45% year-to-year, as purchase lending plateaus.

While affordability constraints from higher home prices and mortgage rates are putting downward pressure on first-mortgage originations, the higher levels of home equity consumers have available to tap has made second-lien lending more attractive.

Other public companies that have recorded lower levels of home lending for last year's fourth quarter include U.S. Bank and PNC Bank.

U.S. Bank's mortgage production volume fell by more than 27% year-over-year to $9.1 billion from $12.6 billion in 4Q18, and PNC Bank's home lending fell 33% to $1.6 billion from $2.4 billion.

PNC Financial's (PNC) Q4 Earnings: Disappointment in Store?

 

Now, before we take a look at what our quantitative model predicts, let’s discuss the factors that are likely to impact PNC Financial’s fourth-quarter results.

Factors to Impact Q4 Results

Net Interest Income (NII) to Improve : Commercial and Industrial, consumer and commercial real estate lending activities were decent during the fourth quarter, thus a support to PNC Financial’s NII is expected. Also, the company’s Zacks Consensus Estimate for average interest-earning assets of $332.3 billion for the to-be-reported quarter reflects growth of nearly 1% year over year.

Further, net interest margin is likely to benefit from the rising interest rates, while flattening of yield curve will likely somewhat hurt. Thus, given the improvement in the loans, earning assets and margins, the company’s NII is expected to improve.

Management expects NII to grow in the low-single digit, on a sequential basis.

What is the URL to pay your PNC Mortgage bill online, if you don't have a PNC Bank Checking Account?

It is not on the PNC website, it's a third party "bill aggregator" that lets you pay your PNC Mortgage bill. They make you use this third party aggregator if you don't have a PNC checking account.

Does anyone know this URL?