NEW YORK ( TheStreet) -- Investors should be overweight on Wells Fargo ( WFC), Fifth Third Bancorp ( FITB) and New York Community Bancorp ( NYB) going into the year end as mortgage banking income is likely to be stronger in the fourth quarter, according to FBR Capital Markets. Investors were expecting low interest rates to lead to a significant pickup in refinance activity in the third quarter, but most banks saw a boost in refis towards the back half of the period, the analysts noted. Many of the loans committed in the third quarter will likely only close in the fourth. As a result, a "considerable amount of the revenue recognition for these originations" will likely take place only in the last quarter of the year, making it the "best quarter" for mortgage banking, the report said. Mortgage banking income accounts for about 10% of operating revenues at Wells Fargo and Fifth Third and more than 40% of pre-tax income, according to FBR estimates. At New York Community Bancorp, mortgage banking income accounts for 10% of operating revenues and 18% of pre-tax income. Separately on Monday, federal regulators introduced a revised refinancing program to help millions of borrowers who owe more than their homes are worth. Borrowers will now be able to refinance their loans regardless of how much their properties have fallen in value. Earlier, loans where the "loan-to-value" ratio was more than 125% could not qualify. The new rules also eliminate fees charged by Fannie Mae and Freddie Mac called loan level pricing adjustments for any refi for a loan that is 20 years or less, among other things. --Written by Shanthi Bharatwaj in New York >To contact the writer of this article, click here: Shanthi Bharatwaj. >To follow the writer on Twitter, go to http://twitter.com/shavenk. >To submit a news tip, send an email to: firstname.lastname@example.org.