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Origination News | Lender Ranking | Fundings by Lender | Statistics
Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.

Chase Fundings, Delinquency Better

$38.9 billion in Q4 residential and HEL production

Jan. 13, 2012

By staff

Quarterly home-loan originations at JPMorgan Chase & Co. were slightly higher but appear to be headed lower this quarter. Mortgage delinquency was decisively better, and mortgage headcount was up by nearly 3,000 employees. However, mortgage earnings took a big hit.

Residential loan production was $38.6 billion, according to fourth-quarter earnings data released Friday. Volume picked up from $36.8 billion in the prior quarter. During the same three months in 2010, JPMorgan originated $50.8 billion.

The latest period included $23.1 billion in retail originations, a little better than the third quarter's $22.4 billion. Wholesale volume was unchanged at $0.1 billion, correspondent volume climbed to $14.9 billion from $13.4 billion and negotiated transactions fell to $0.5 billion from $0.9 billion.

It appears upcoming production might be lower based loan applications, which fell to $52.6 billion from the third quarter's $58.1 billion. Retail applications were down to $34.6 billion from $37.7 billion, while wholesale applications were the same at $0.2 billion and correspondent applications fell to $17.8 billion from $20.2 billion.

Full-year fundings fell to 765,000 mortgages for $145.6 billion from $155.6 billion during 2010.

Another $0.3 billion in home-equity loans was originated in the fourth quarter, about the same as three months earlier and a year earlier. Full-year HEL production drifted down to $1.1 billion from $1.2 billion.

The third-party mortgage servicing portfolio was $902.2 billion as of Dec. 31, down from $924.5 billion at the end of September. The company serviced $967.5 billion as of Dec. 31, 2010.

On JPMorgan's balance sheet were $198.0 billion in home loans, slipping from $203.6 billion in the prior period. Mortgage holdings were $223.1 billion at the end of 2010.

Mortgage assets as of Dec. 31 included $100.5 billion in home-equity loans, $82.2 billion in prime mortgages and $14.6 billion in subprime loans.

The 30-day delinquency rate, excluding credit-impaired mortgages acquired from Washington Mutual Bank, was 5.69 percent, better than the prior quarter's 5.80 percent and down from 6.45 percent in the same quarter in the prior year.

The WaMu loans had a delinquency rate of 23.30 percent, a little better than the prior quarter's 24.44 percent and lower than 28.20 percent as of the end of 2010.

Income before taxes from mortgage production and servicing was a $425 million loss, swinging from a $340 million profit the prior quarter. Income has deteriorated substantially from the fourth-quarter 2010, when mortgage profits were a $567 million.

The repurchase liability was unchanged from the third quarter at $3.6 billion but was up from $3.3 billion in the same quarter in 2010. Realized repurchase losses rose to $462 million from the third quarter's $329 million.

Net income across all businesses was $3.7 billion, falling from $4.3 billion in the third quarter and $4.8 billion during the same period last year.

Mortgage staffing grew to 49,189 employees in the fourth quarter from the third quarter's 46,374. In the fourth-quarter 2010, staffing stood at 39,440

Within all of the retail financial services, the staff size was 133,075, growing from 128,992 three months earlier and 116,882 a year earlier.

Company-wide headcount was 260,157, rising from 256,663 at the end of the previous quarter. The staff size finished 2010 at 239,831.

The company operated 5,508 branches in the most recent period, climbing from 5,396 in the third quarter.

Chase profile

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