- Add M&T Bank (MTB -0.1%) to the list of those warning Q3 mortgage-banking results are going to be ugly. Investors should brace for a "significant" decline in volumes, said CFO Rene Jones at Barclays yesterday (transcript) (presentation slides). Already light analyst estimates are "a little rosier than we would have expected."
- Wells Fargo and JPMorgan - also presenting at Barclays yesterday - warned as well, and Bank of America is slashing more mortgage jobs and offices.
- "Rate volatility is the enemy of mortgage banking," writes FBR's Paul Miller. "We expect Q3 results to be relatively weak for mortgage-centric companies."
- As for the Hudson City Bancorp (HCBK) purchase, M&T's Jones has no news to report other than that M&T is making progress at addressing the requests of regulators to update its anti-money laundering compliance issues.
M&T bank joins those warning about mortgage slowdown
Sep 10 2013, 10:11 ET