“While the mortgage market adjusts to lower volumes, we expect it to remain challenging in the near-term and it’s possible that we have a further decline in the mortgage banking revenue in the fourth quarter when originations are seasonally slower.”

In context

“hanges we rolled out earlier this year, which eliminated non-sufficient funds and some other fees. The extra day grace period launched in the beginning of August and early payday begin in select states in mid-September, so we would expect our deposit-related fees to decline further in the fourth quarter. Industry mortgage rates have increased over 300 basis points since the beginning of the year and ended the quarter at the highest level since 2007, driving weekly mortgage applications as measured by the Mortgage Bankers Association to a 25-year low at quarter end. As a result, our home lending revenue declined 52% from a year ago, driven by lower mortgage originations and gain on sale margins as well as lower revenue from the resecuritization of loans purchased from securitization pools. While the mortgage market adjusts to lower volumes, we expect it to remain challenging in the near-term and it’s possible that we have a further decline in the mortgage banking revenue in the fourth quarter when originations are seasonally slower. We continue to remove excess capacity to align with the reduced demand and expect these adjustments will continue over the next couple of quarters. Credit card revenue was up 8% from a year ago due to higher loan balances, which benefited from higher point-of-sale volume and new product launches. Auto revenue declined 5% from a year ago driven by loan spread compression and partially offset by higher loan balances. And Personal Lending was 9% from a year ago due to higher loan balances driven by growth in origination volumes. Turning to some key business drivers on Slide 10. Mortgage originations declined 59% from a year ago and 37% in the second quarter, with declines in both correspondent and retail originations. Refinances as a percentage of total originations declined to 16% in the th”