U.S. Bancorp Sees Mortgage Revenue Falling 20% in Third Quarter

U.S. Bancorp (USB) expects its mortgage revenue to drop 20 percent in the third quarter from the second period amid a decline in mortgage applications and mortgage production, Chief Financial Officer Andrew Cecere said.

Mortgage applications will probably decline 40 percent in the three months ending Sept. 30 from the previous quarter, and and mortgage production will drop 20 percent, Cecere said today at the Minneapolis-based bank’s investor day conference in New York. The company’s second-quarter mortgage-banking revenue was $396 million.

To contact the reporter on this story: Laura Marcinek in New York at lmarcinek3@bloomberg.net

To contact the editors responsible for this story: David Scheer at dscheer@bloomberg.net; Christine Harper at charper@bloomberg.net

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