2013-02-14
The mortgage business surged for Fifth Third Bancorp last year, but margins in that business are starting to tighten, CEO Kevin Kabat told investors and analysts Wednesday.
Kabat was speaking at the Credit Suisse Financial Services Forum in Miami. Following a record year for mortgage originations, gain on sale margins and gains on deliveries, Fifth Third’s margins on selling mortgages have started to narrow, he said. Interest rates have started to move up, hurting profitability.
“We expect…