Bankers have been warning for several months about a significant slowdown in mortgage revenue — now we know the severity of the decline.

Mortgage banking income at banks with less than $20 billion of assets fell, on average, 21% from the second quarter and 27% from a year earlier, according Keefe, Bruyette & Woods data. The firm looked at income tied to originations, net servicing and gains from the sale of mortgages.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.