"Expect more pronounced slowing" in mortgage banking and loan demand, says Sterne Agee's Todd...

|By:, SA News Editor

"Expect more pronounced slowing" in mortgage banking and loan demand, says Sterne Agee's Todd Hagerman after this morning's earnings from Wells Fargo and JPMorgan. Mortgage banking income fell as expected, but both banks reported slowing application volumes as well, suggesting future cuts to earnings estimates. XLF -0.8%.