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Chase Originations, Earnings Tumble

$29.8 billion Q4 production

January 15, 2009

By MortgageDaily.com staff

Residential originations were down 40 percent last year at JPMorgan Chase & Co., while earnings were off nearly two-thirds. Delinquency, meanwhile, increased.

Fourth-quarter 2008 residential originations were $29.8 billion, according to earnings data released today. Production fell from $40.3 billion during the third quarter and $49.8 billion a year earlier.

Retail fundings during the latest period were $7.6 billion, while correspondent business was $13.3 billion and correspondent negotiated transactions totaled $3.4 billion.

Volume from the wholesale lending channel -- which Chase closed this week -- was $3.8 billion. Broker business had been higher than $10 billion during the first quarter of last year.

Home-equity loan volume was $1.7 billion, down from the third quarter's $2.6 billion.

Full-year residential originations were $185.3 billion, falling from $207.7 billion in 2007.

At December's end, JPMorgan owned $142.9 billion in HELs, $87.0 billion in prime mortgages, $22.1 billion in residential subprime loans and $40.6 billion in option-ARM holdings. Purchased credit-impaired loans accounted for $28.6 billion of outstanding HELs, $21.8 billion in prime mortgages and $6.8 billion in subprime mortgages. Impaired option-ARM holdings amounted to $31.6 billion.

The New York-based institution's third-party residential servicing portfolio ended the fourth quarter at $1.173 trillion, up from $1.115 trillion three months earlier. Including loans it owns, the New York-based firm serviced $1.465 trillion at the end of 2008, climbing from $0.759 trillion at the end of 2007.

The 30-day delinquency rate on all consumer loans was 7.92 percent on Dec. 31, up from 6.21 percent at the end of September. Chase said it has prevented more than 300,000 foreclosures.

Total assets ended the fourth quarter at $2.175 trillion.

Chase said an 85 percent increase in consumer lending fees was driven by higher mortgage fees and income, the acquisition of Washington Mutual Bank in September, wider loan spreads and higher loan balances. Still, there was an $0.4 billion consumer lending loss.

Fourth-quarter 2008 net income was $0.7 billion company-wide, better than $0.5 billion in the third quarter but far worse than $3.0 billion a year earlier. Earnings reflected a $4.1 billion increase in loan-loss reserves and $2.9 billion in net markdowns tied to leveraged lending exposures and mortgage-related positions.

Full-year 2008 earnings were $5.6 billion -- down nearly two-thirds from 2007's $15.4 billion.

Headcount was 224,961 on Dec. 31, down from 228,452 on Sept. 30. The number of financial services employees, however, increased to 102,007 from 101,826.

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