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National City Revises EPS.(National City Corp.)(earning per share)(Brief article)
CLEVELAND -- National City Corp. will revise its third-quarter earnings from $0.90 to $0.86 per diluted share to reflect a lower estimated value for mortgage servicing rights and a higher estimate of reserves for repurchased mortgage loans than previously reported.
National City reduced the value of its mortgage servicing rights by $21 million below the previous estimate for Sept. 30. That means previously reported loan servicing revenue of $125 million is being changed to $104 million.
National City also said it had underestimated reserves for repurchased loans by $18 million. That means previously reported loan sale revenue of $233 million is being reduced to $215 million for the third quarter.
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Source: HighBeam Research, National City Revises EPS.(National City Corp.)(earning per...